IANS

Kolkata, Feb 19: Public sector majors Indian Oil Corporation (IOL), Oil and Natural Gas Corporation (ONGC), Steel Authority of India Limited (SAIL) and National Thermal Power Corporation (NTPC) are likely to become the country's first 'Maharatna' companies by April-May this year, an official said Thursday.

"My department is in possession of applications from IOL, ONGC, SAIL and NTPC for 'Maharatna' status. The papers are being scrutinized at present. The status is expected to be conferred on them in the next 60-90 days," Heavy Industries and Public Enterprises Secretary Bhaskar Chatterjee said here Thursday.

Chatterjee was talking to the reporters on the sidelines of a programme organised by the Bengal National Chamber of Commerce and Industry.

Chatterjee said the four companies, which have so far been in the category of 'Navaratna', were the only eligible ones right now to be in the exclusive club.

Another public sector company, Coal India Limited, would become the fifth 'Maharatna' only after getting listed on the stock exchanges, he said.

The government has decided to award the status to top state-owned companies to give them more freedom to negotiate joint ventures, investments and grow capacity.

To become 'Maharatna', the eligibility criteria is to have a turnover of at least Rs.25,000 crore, net worth of Rs.15,000 crore and net profit of Rs.5,000 crore for three consecutive years. The company should also be listed on the stock exchange.