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Bharat Petroleum set to get Maharatna status
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State-run oil marketing company Bharat Petroleum Corporation (BPCL) is all set to become a Maharatna company. Presently it is having Navratna status. The decision to elevate BPCL to Maharatna status was taken by panel headed by Cabinet secretary and an announcement to this effect will be made soon.
BPCL will be eight Central Public Sector Enterprises (CPSE) to get coveted Maharatna status. The status will enable BPCL Board to get enhanced powers which will help in expansion of its operations, both in India and abroad.
Navratna scheme
The Government had introduced Navratna scheme, in 1997, to identify CPSEs that had comparative advantages and to support them in their drive to become become global giants. The Boards of Navratna CPSEs have been delegated powers in following areas: Capital expenditure, Investment in joint ventures / subsidiaries, Mergers & acquisition and Human resources management, etc....
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