The Union Minister for Heavy Industries & Public Enterprises, Sh. Vilasrao Deshmukh today conferred Miniratna status on two Central Public Enterprises – Bharat Pumps & Compressor Ltd and Bridge & Roof Company (I) Ltd. The Secretary, Department of Heavy Industries Sh. B.S.Meena, Chairman and Managing Director of Bharat Pumps & Compressor Ltd. Sh. Abhay Kumar Jain, CMD of Bridge & Roof Company (I) Ltd. Sh. Mukesh Jha and senior officials of the Department of Heavy Industries were present on the occasion.
The Bridge and Roof Company (I) Ltd. was granted the Miniratna status in Category –I and the Bharat Pumps & Compressor Ltd. was granted the Category II status. As per the criteria to get the category I status, the CPSE should have made profit in the last three years continuously, the pre-tax profit should have been Rs. 30 crores or more in at least one of the three years and should have a positive net worth. For category II, the CPSE should have made profit for the last three years continuously and should have a positive net worth.
While addressing the gathering, the Union Minister Sh. Vilasrao Deshmukh said achieving the status of Mini Ratna is significant for the CPSEs, because it allows them substantial, financial and operational autonomy. He said the various restrictions like joint venture, recruitment, appointment, promotions now have been removed and enhanced powers delegated to both Miniratnas.