Navratna

The government on conferred Navratna status on three PSUs - Bharat Electronics Ltd, Hindustan Aeronautics Ltd and Power Finance Corporation, giving them more financial and administrative powers.now 12 public sector enterprises are Navratna, the title originally meant for nine companies in 1999.These three PSUs will now be able to forge joint ventures both in India and abroad, which can be up to 15 per cent of their networth or Rs 1,000 crore, whichever is lower, without taking prior permission of the administrative ministry.four more PSUs - National Aluminium Company, National Mineral Development Corp, Power Grid Corp and Rural Electrification Corp - would also be given Navratna status as soon as they fill all the vacancies for independent directors. Seven companies were selected out of 10 PSUs that had applied for Navratna status. However, Coal India did not fulfill the basic requirements, while the Shipping Corporation of India`s case was withdrawn by the administrative ministry, pending further review of its performance. BSNL was not granted the status.BEL, under the Defence Ministry, was originally set up to meet electronic needs of the Indian Defence Services but has now become a multi-product, multi-technology and multi-unit company catering to the needs of diverse customers. During 2006-07, BEL recorded a turnover of Rs 3,960.38 crore and profit after tax of Rs 713.85 crore.Power Finance Corporation, which recently tapped stock markets, is engaged in financing of power sector projects. The company earned a net profit of Rs 983.21 crore during 2006-07.Hindustan Aeronautics Ltd, a major aerospace company under the Defence Ministry, manufactures aircraft, aerospace, navigation and communication equipment and has plants in Nassik, Korwa, Kanpur, Koraput, Lucknow and Hyderabad.