Current Affairs

Hindustan Petroleum, Power Grid Corp got 'Maharatna' Status

Current context: The government has accorded ‘Maharatna’ status to state-owned Hindustan Petroleum and Power Grid Corporation.
Hindustan Petroleum, Power Grid Corp got 'Maharatna' Status
  • The Department of Public Enterprises, under the Ministry of Heavy Industry and Public Enterprises, issued the orders to this effect on 23rd October 2019.
  • With the status of ‘Maharatna’, the PSUs will have greater operational and financial autonomy.
  • The orders will impart special powers to the PSUs Board, to take financial decisions and the Boards of Maharatna central public sector enterprises (CPSEs) can make:
    1. equity investments to undertake financial joint ventures and wholly owned subsidiaries.
    2. undertake mergers and acquisitions in India and abroad (limited to Rs 5,000 crore in one project, subject to a ceiling of 15% of the net worth of the CPSE).
    3. structure and implement schemes relating to personnel and human resource management and training.
    4. transfer assets, float fresh equity and divest shareholding in subsidiaries.
  • HPCL was incorporated through the Esso (Acquisition of Undertaking in India) Act passed by Parliament in 1974.
  • India’s largest electric power transmission utility firm, Power Grid Corporation of India Limited was incorporated in 2007.

Question: 

Q.1 Ministry of Heavy Industry and Public Enterprises has recently accorded ‘Maharatna’ status to?
a. Hindustan Petroleum
b. Power Grid Corporation
c. Both a and b
d. Neither a nor b
Hindustan Petroleum, Power Grid Corp got 'Maharatna' Status Hindustan Petroleum, Power Grid Corp got 'Maharatna' Status Reviewed by Neha Verma on October 24, 2019 Rating: 5

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