BEL, HAL and PFC get `Navratna'' status

23 June 2007

Mumbai: The government has conferred Navratna status on three PSUs – Bharat Electronics Ltd, Hindustan Aeronautics Ltd and Power Finance Corporation – giving them more freedom in financial and administrative matters.

With the addition of three more companies, the navratna list has now expanded to 12 public sector units.

Speaking on the occasion of conferment of the coveted status on the three companies, finance minister P Chidambaram emphasised the government''s commitment to strengthen public sector enterprises by giving them more autonomy.

He asked unlisted public sector companies to list on stock exchanges to unlock their true value.

These three PSUs will now be able to forge joint ventures both in India and abroad, which can be up to 15 per cent of their networth or Rs1,000 crore, whichever is lower, without taking prior permission of the administrative ministry.

The boards of these companies will also have the power to decide on merger and acquisitions.