Coal India Ltd (CIL) has been conferred the coveted Maharatna status, giving the world's largest coal producer greater autonomy for taking investment decisions. Along with CIL, Neyveli Lignite Ltd has also been awarded Navratna status, it was announced at a PSUs' function attended by President Pratibha Patil here. Another PSU Pawan Hans Helicopters has received Mini-ratna tag.

"I take this opportunity to compliment the management and employees of CPSEs, who have been felicitated and conferred with Maharatna and Navratna status today," Patil said. She said the honour given to these PSUs recognised their performance over the years.

Once a company gets the Maharatna status, its board would not be required to take the government's permission for investments up to Rs 5,000 crore in a joint venture project or wholly-owned subsidiary. For the Navratna companies, the limit is Rs 1,000 crore.

Heavy Industries and Public Enterprises Minister Praful Patel today said his ministry is is considering granting Maharatna status to BHEL and GAIL. The status of 'Maharatna' will provide greater financial and operational freedom to public sector companies.

"I have no hesitation in saying that companies like Bhel and Gail were looked at closely and in the days to come we will go to the Cabinet to seek further freedom (by seeking Maharatna status for them)," Patel said. He was speaking at a function jointly organised by the Standing Conference of Public Enterprises (SCOPE) and the Department of Public Enterprises (DPE).

Recently, the DPE has relaxed the eligibility criteria for PSUs to qualify for the 'Maharatna' status. A company should have an average annual turnover of more than Rs 20,000 crore in the past three years to qualify for this status, according to the new guidelines. Earlier, annual turnover required for three consecutive year was Rs 25,000 crore. Also, the PSU must have net worth of over Rs 10,000 crore and net profit of over Rs 2,500 crore, during the past three years.