The Government had introduced the Navratna scheme, in 1977, to identify Central Public Sector Enterprises (CPSEs) that had comparative advantages and to support them in their drive to become global giants.
Eligibility criteria and procedure for grant of Maharatna status
The Boards of Navratna CPSEs have been delegated powers in the areas of:
(i) capital expenditure,
(ii) investment in joint ventures / subsidiaries,
(iii) mergers & acquisitions,
(iv) human resources management, etc.
The current criteria for grant of Navratna status are size neutral. Over the years, some of the Navratna companies have grown very big and have considerably larger operations than their peers. It was felt that these CPSEs which are at the higher end of the Navratna category and have potential to become Indian Multinational Companies (MNCs), can be recognized as a separate class, i.e. ‘Maharatna’. The proposed higher category will act as an incentive for other Navratna companies, provide brand value and facilitate delegation of enhanced powers to CPSEs.
List of Navratna PSU's
Source : Press information Bureau’s website.