Navratna Status to PowerGrid

The Government on Thursday granted the coveted 'Navratna' status to PowerGrid Corporation of India Ltd, giving the transmission major financial autonomy to take independent decision on investments up to Rs 1,000 crore.
R Bandhopadhyay, Secretary in the Department of Public Enterprises said "We have issued the order after the company fulfilled some of the criteria, like taking 50 per cent non-official independent directors on the board" .
With the grant of the Navratna status, the board of PGCIL will be able to take decisions on investments up to Rs 1,000 crore, or 15 per cent of its networth, without seeking approval of the government.
Bandhopadhyay said PGCIL now joins the club of 15 Navratna companies which include NTPC, ONGC, SAIL, BHEL and NALCO.