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Aug 29, 2011

Maharatna Status for RINL

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The Minister of Steel, Beni Prasad Verma has said that Rashtriya Ispat Nigam Limited (RINL) has not been conferred with ‘Maharatna’ status. However, RINL has been conferred ‘Navratna’ status in November, 2010.

In a written reply in the Lok Sabha today he said, at present, RINL does not meet the criteria for grant of “Maharatna” status. In terms of Department of Public Enterprises OM No.22 (1)2009-GM dated 4th February, 2010, the eligibility criteria for grant of Maharatna status on a Public Enterprise is as below:
  • Having Navratna status.
  • Listed on Indian stock exchange, with minimum prescribed public shareholding under SEBI regulations.
  • An average annual turnover during the last 3 years of more than Rs.25,000 crore.
  • An average annual net worth during the last 3 years of more than Rs.15,000 crore.
  • An average annual net profit after tax during the last 3 years of more than Rs.5000 crore.
  • Significant global presence or international operations.
Source: PIB (Press Release)


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