TNI Bureau: The Bharat Heavy Electricals Ltd (BHEL) has been granted Maharatna status by the government. Established in 1964, BHEL is a state-owned integrated power plant equipment manufacturer of the country and operates as engineering and manufacturing company based in New Delhi, India.
Maharatna status is provided to a company when it has an average annual turnover of more than Rs 25,000 crore in the last three years. The PSU should also have a net worth of over Rs 15,000 crore and net profit of more than Rs 5,000 crore during the last three years. Now, BHEL A can take investment decision of up to Rs 5,000 crore without going to the government, after getting the Maharatna status.
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BHEL had a turnover of Rs 49,510 crore and net profit of Rs 7,040 crore in the year 2012. The company hopes that the new status will help BHEL to achieve its long-term objectives and reach a turnover of Rs 1 lakh crore by 2016-17.
Now, in lieu of the Maharatna status, the company will be able to trail growth opportunities in the areas of transportation, renewable and transmission and can also avail big opportunities for equity participation in large size international projects to gain access to technology, engineered materials and market.