REC accorded Maharatna status

REC Limited has accorded the status of Maharatna Central Public Sector Enterprise (CPSE), thus giving REC greater operational and financial autonomy.

The grant of Maharatna status to REC will impart enhanced powers to the company’s board while taking financial decisions. The Board of a Maharatna CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15 per cent of the net worth of the concerned CPSE, limited to Rs 50 billion in one project. The board can also structure and implement schemes relating to personnel and human resource management and training. REC can also enter into technology joint ventures or other strategic alliances among others.

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