New Delhi: One more company has been added to the list of Mahartanas in India. The Central Government has given the Maharatna status to Coal India Limited, the largest coal producing company in the country. Along with this, another company under Coal Ministry named Neville Lignite has been elevated to Navratna status from Miniratna.

This decision was taken in a meeting held here on Friday under the chairmanship of Cabinet Secretary K M Chandrasekhar.

Being a Maharatna company, Coal India management can now take decisions on investments amounting to Rs 5,000 crore without the government consultation. This new status will also help the company to easily take decisions on investments in foreign projects on its own.

Moreover, in cases relating to acquisition of other companies, the management of Coal India can take a decision without any government interference. 

Till now, four companies, ONGC, IOCL, NTPC and SAIL, have been assigned the Mahartana status. According to sources, the huge success of the last year’s public offer is the reason why Coal India Limited (CIL) has been given Maharatna status. The company is in talks with foreign organisations to acquire coal mines abroad.

(JPN/ Bureau)