REC becomes the 12th ‘Maharatna’ CPSE – The Department of Department of Public Enterprises granted the status of a ‘Maharatna’ Central Public Sector Enterprise (CPSE) to the Rural Electrification Corporation (REC) on 22 September 2022. Rural Electrification Corporation (REC)is the 12th CPSE to be granted Maharatna status.
- REC completed this feat owing to its adaptability, resilience, and consistent performance even during the global covid-19 pandemic.
About REC (Rural Electrification Corporation):
- Rural Electrification Corporation is a Non-Banking Finance Company (NBFC) which functions under the Union Ministry of Power.
- REC was founded in 1969 and it aims to focus on Power Sector Financing and Development across India.
- Its headquarters is located in New Delhi.
What is Maharatna CPSE ?
- In 2010, The govt of India introduced Maharatna Scheme for Central Public Sector Enterprises (CPSEs), aimed at empowering mega CPSEs to expand their operations and emerge as global giants.
- Central Public Sector Enterprises (CPSEs) are those companies which are managed by the government of India.
Eligibility Criteria for grant of Maharatna status:
The CPSEs meeting can be eligible a for grant of Maharatna status through the following criteria.
- Having Navratna status;
- Should be listed on the Indian stock exchange with minimum prescribed public shareholding under SEBI regulations;
- Should be an average annual turnover of over Rs. 25,000 crores during the last 3 years;
- Should be an average annual net worth of over Rs. 15,000 crores during the last 3 years;
- Should be an average annual net profit after tax of over Rs. 5,000 crores during the last 3 years;
Benefits of being a Maharatna:
- A company gets considerable financial and administrative autonomy after granting Maharatna status.
- The Board of a ‘Maharatna’ CPSE can invest to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India.
- Can structure and implement schemes relating to personnel and Human Resource Management and Training.
- Can join into technology Joint Ventures or other strategic alliances.
Maharatna CPSE List:
- Bharat Heavy Electricals Limited
- Bharat Petroleum Corporation Limited
- Coal India Limited
- GAIL (India) Limited
- Hindustan Petroleum Corporation Limited
- Indian Oil Corporation Limited
- NTPC Limited
- Oil & Natural Gas Corporation Limited
- Power Finance Corporation
- Power Grid Corporation of India Limited
- Rural Electrification Corporation
- Steel Authority of India Limited
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