The union cabinet today approved the introduction of `Maharatna' category for central public sector enterprises (CPSEs).
To be eligible for grant of `Maharatna' status, a CPSE should have a `Navratna' status and should be listed on an Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
The CPSE should have an average annual turnover of more than Rs25,000 crore, an average annual net worth of more than Rs15,000 crore and an average annual net profit after tax of more than Rs5,000 crore during the last 3 years.
They should have significant global presence/international operations.
The procedure for grant of `Maharatna' status as well as their review is proposed to be similar to that in vogue for the grant of Navratna status, an official release said.
The introduction of the above scheme will not entail any additional expenditure on the part of the government.