Centre accords “Maharatna” status to state-owned PFC Ltd.
- The Government of India has accorded ‘Maharatna’ status to the state-owned Power Finance Corporation Ltd (PFC) on October 12, 2021. It is the 11th maharana company in India.
- The new status will give PFC greater operational and financial autonomy.
- PFC was incorporated in 1986, as an Indian financial institution under the ownership of Ministry of Power.
- It is the largest Infrastructure Finance Company in India, exclusively dedicated to Power Sector.
Source: PIB
Points to remember:
- How many Maharatna Companies are there in India?- 11
Extra Info:
A company is granted “Maharatna” status if it has recorded:
- more than Rs. 5,000 crore of net profit for three consecutive years,
- an average annual turnover of Rs. 25,000 crore for three years or
- should have an average annual net worth of Rs. 15,000 crore for three years.