ONGC,IOC, BSNL, SAIL, CIL may be termed Mahanavaratnas

According to the criteria set by Department of Public Enterprises (DPE), only five pubic sector enterprises (PSUs) could meet the qualifying norm in turnover, profitability and networth.

Sources said Mahanavaratna status would be given to PSUs who had clocked Rs 30,000 crore or more turnover in the past three years and earned more than Rs 5,000 crore profit after tax in three consecutive years.

Also, the Mahanavaratna-eligible PSU should have an average networth of Rs 15,000 crore and global presence, according to the cabinet note circulated by DPE.

ONGC had clocked a net profit of Rs 16,126 crore in 2008-09, while in the preceding years the profit Rs 16,701.65 crore and Rs 15,642.92 crore. The net sales of ONGC in 2008-09 was Rs 63,949 crore. It was Rs 59,848.48 crore in 2007-08 and Rs 56,641.42 crore in 2006-07.

While IOC registered a net profit of Rs 6,962.58 crore in 2007-08, in the preceding years the profit was Rs 7,499.47 crore and Rs 4,915.12 crore. The standalone total income of the company rose to Rs 3,09,087.59 crore during FY 2009, from Rs 2,49,169.16 crore in the previous fiscal.

Similarly, NTPC recorded a net profit of Rs 7,827.4 crore in 2008-09, Rs 3,009.39 crore in 2007-08 and Rs 7,805.87 crore in 2006-07. The company's turnover in 2008-09 was Rs 42,182 crore, while in the preceding years it was Rs 37,050.13 crore and Rs 32,595.27 crore.

BSNL's net profit in 2007-08 stood at Rs 3,009.39 crore while in the preceding years it was Rs 7,805.87 crore and Rs 8,939.69 crore. The company's net sales in 2007-08 was Rs 32,359.53 crore, while in 2006-07 it was Rs 34,616.21 crore and in 2005-06 it was Rs 36,138.94 crore.

Department of Public Sector Enterprises Secretary R Bandyopadhyay has said that the Ministry of Heavy Industries has circulated a note for creating a new category, Mahanavaratna, for profit-making state-owned firms to grant them greater autonomy than navaratna public sector units.

"...we have already prepared a Cabinet note... we are inviting comments, opinions, suggestions of various ministries," Bandyopadhyay said.

The ministry, in its 100-day agenda has proposed to classify the mega public sector units under a new category 'Mahanavaratna'.

Heavy Industry Minister Vilasrao Deshmukh has said that the policy on 'Mahanavaratna' would be formulated within 100 days.

As of now, the board of 18 navaratna public enterprises have been delegated enhanced powers in areas of investments, mergers and acquisitions.