National Thermal Power Corporation Ltd has informed BSE that Government of India, Deptt. of Public Enterprises, Ministry of Heavy Industries & Public Enterprises vide Office Memorandum dated May 19, 2010 has conveyed grant of Maharatna status to NTPC apart from three other Central Public Sector Enterprises (CPSES). Since, presently NTPC has requisite number of non-official Directors on its Board, therefore, only NTPC is eligible to exercise delegated Maharatna powers.
Consequent upon grant of Maharatna status, the Board of Directors of NTPC shall be, inter-alia, empowered to make equity Investment to establish financial joint ventures and wholly-owned subsidiaries and undertake mergers & acquisitions, in India or abroad, subject to a ceiling of 15% of the net worth, limited to Rs. 5000 crore in one project as against earlier limit of Rs. 1000 crore.
The exercise of Maharatna powers would be subject to the same conditions and guidelines as laid down by the Government in respect of Navratna CPSEs from time to time.
Source: BSEIndia.com
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