The Maharatna Company status is granted to Power Finance Corporation.

By aashishsinghseo at 10 days ago • 0 collector • 12 pageviews

The Maharatna Company status is granted to Power Finance Corporation.

ONGC, Indian Oil Corporation, Steel Authority of India Limited (SAIL), and Bharat Heavy Electricals Limited (BHEL) are among the companies that have received "Maharatna" status from the government. Power Finance Corporation (PFC) is now the 11th state-owned entity to enter the highly sought-after category.

In addition to being authorized to make equity investments and create financial joint ventures and wholly-owned subsidiaries, the expanded status will allow PFC, the country's largest infrastructure firm, to manage mergers and acquisitions domestically and internationally.

Status as "Maharatna" is given to a firm that has accumulated a net profit of more than 5,000 crores for three years in a row or has an average yearly turnover of 25,000 crores or a net value of 15,000 crores on average for three years. It should also be able to operate across national borders, if not the entire world.

PFC was established in 1986 and is governed by the Ministry of Power.

Announcing PFC's new "Maharatna" status, Power Minister R K Singh expressed hope that PFC will meet the government's financial goal under the National Infrastructure Pipeline and its ambition of using 40 percent renewable energy in its generation by 2030.

While the business did well financially during the Coronavirus epidemic, PFC chairman R S Dhillon said that in 2020-21, sanctions and disbursements to the power industry were at their highest ever levels, with a combined total of 1.66 lakh crore (about $1.6 billion).

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