Government to grant navratna status to seven more CPSUs

19 June 2007

Mumbai: The government will give navratna status to seven more public sector companies that include Hindustan Aeronautics Ltd, National Aluminium Co and Power Finance Corp, minister for heavy industries Santosh Mohan Dev said.

A high-level committee had recommended granting navratna status to HAL, NALCO, PFC, Bharat Electronics Ltd, National Mineral Development Corporation, Power Grid Corporation of India and Rural Electrification Corporation Ltd, the minister said.

Addressing a meeting of the Bengal National Chamber of Commerce & Industry in Kolkata, he said the government would ensure that these PSUs induct independent directors on their boards before granting navratna status.

With these, the number of Navratna CPSUs under the heavy industry ministry would go up from nine to 16.

Oil and Natural Gas Corp, NTPC Ltd, BHEL and Indian Oil are among the nine existing Navratna companies.