The ministry of heavy industries and public enterprises has conferred `Miniratna' status on two central government enterprises - Bridge and Roof Company (I) Ltd and Bharat Pumps and Compressor Ltd.
Bridge and Roof Company (I) Ltd was granted Category - I Miniratna status while Bharat Pumps and Compressor Ltd was granted Category II Miniratna status.
For granting Category I Miniratna status, the CPSE should have made profit in the last three years continuously, with a Rs30-crore or above pre-tax profit at least in one of the three years and should have a positive net worth.
For Category II Miniratna status, the CPSE should have made profit for the last three years continuously and should have a positive net worth.
Announcing the decision, union minister for heavy industries and public enterprises Vilasrao Deshmukh said achieving the status of Miniratna is significant for the CPSEs, as it allows them substantial, financial and operational autonomy.
He said the various restrictions like joint venture, recruitment, appointment, promotions have now been removed and enhanced powers delegated to both the Miniratnas.