Power Finance Corporation Gets Maharatna Company Status
NDTV
Government has accorded "Maharatna" status to Power Finance Corporation, thus making it the 11th state-owned entity in the country to become one
Government has accorded “Maharatna” status to Power Finance Corporation (PFC), thus making it the 11th state-owned entity in the country to enter the coveted category and now joins the ranks of other such companies like ONGC, Indian Oil Corporation, Steel Authority of India Limited (SAIL) and BHEL among others.
The enhanced status will enable PFC, which is the largest infrastructure company in the country, to make equity investments, form financial joint ventures as well as wholly-owned subsidiaries and also oversee mergers and acquisitions within the country as well as abroad.
“Maharatna” status is granted to a company which has recorded more than Rs 5,000 crore of net profit for three consecutive years, an average annual turnover of Rs 25,000 crore for three years or should have an average annual net worth of Rs 15,000 crore for three years. It should also have global operations or footprints.
PFC was incorporated in 1986 and comes under the jurisdiction of the Union Power Ministry.
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