Midhani, Airports Authority get `Mini Ratna' status

14 January 2009

Defence PSU Mishra Dhatu Nigam Limited (MIDHANI) and the Airports Authority of India (AAI) have been conferred with Category-1 Mini Ratna  status.

Midhani was conferred with the status recently, while AAI had been accorded the status of category-1 Mini Ratna last month. This was conveyed by the department of public enterprises (DPE).

The 'Mini Ratna' status would enable Midhani to make investments in projects up to Rs500 crore and give greater autonomy to the management in decision-making.

The Hyderabad-based company has done particularly well in the last three years. Midhani received the award for `Quality Non-Ferrous' category for the year 2006-07 and last year its additional general manger Pallabh Sarkar, bagged the 'Metallurgist of the Year' title.

Midhani raised its turnover to over Rs255 crore for the financial year ended March 2008, while the profit before tax crossed Rs50 crore.

Midahni aims to cross Rs300 crore turnover in the current financial year. The company has on hand investments of Rs200 crore, both from internal and external sources for augmenting facilities to support strategic sectors in defence, space, nuclear and power generation, a government release said.