The government granted state-owned Power Finance Corp Ltd 'Maharatna' status, granting the company greater operational and financial autonomy.
PFC is the largest infrastructure finance company dedicated solely to the power sector, and it is administered by the power ministry.
The grant of Maharatna status to Power Finance Corporation will give the board of directors of PFC greater authority when making financial decisions.
There are 11 companies in India that have received 'Maharatna' status. Power Finance Corporation (PFC) is the 11th company to be added to the list.
Important Facts
About Maharatna Company
A company is granted "Maharatna" status if it has a net profit of more than 5,000 crore for three consecutive years, an average annual turnover of 25,000 crore for three years, or an average annual net worth of 15,000 crore for three years.