The apex body of state-run firms SCOPE welcomed the Cabinet decision to grant Maharatna status to four CPSUs, saying it will enable them to take major financial decisions quickly and compete globally.
"The Maharatna tag would help these PSUs to take quick decisions, look at world markets and take certain advantages offered by them," Standing Conference of Public Enterprises (SCOPE) Chairman Arup Roy Choudhury said here today.
Of the 18 Navratnas, SAIL, ONGC and NTPC qualify the stiff criteria set by the government, while the fourth one is yet to be identified.
The government today approved bestowing Maharatna status to those CPSUs which have a three-year track record of having annual turnover of Rs 25,000 crore and net profit of Rs 5,000 crore, besides a net worth of Rs 15,000 crore.
Roy, who is also the CMD of National Buildings Construction Company, said, "We would like to see more PSUs to attain higher results so that they can also fit in this new category."