The department of public enterprises (DPE) is in the process of conferring Maharatna status to Mumbai-based Hindustan Petroleum Corporation (HPCL).
If cleared, the Oil and Natural Gas Corporation (ONGC) arm will become the first subsidiary company of an existing Maharatna to get into this superior league among government-owned entities.
A company with this formal status gets the authority for equity investment to establish financial joint ventures and wholly owned subsidiaries, and to undertake mergers and acquisitions in India or abroad. Subject to a ceiling of 15 per cent of its net worth, limited to Rs 5,000 crore in one project.
