BHEL aims to reach turnover of Rs 1 lakh crore by 2016-17

BHELState-owned power equipment manufacturer Bharat Heavy Electricals Ltd (BHEL) has said that the recently-granted Maharatna status would help it realise its long-term objectives and reach a turnover of Rs 1 lakh crore by FY2016-17.

In the year 2012, BHEL had reported a turnover of Rs 49,510 crore and net profit of Rs 7,040 crore.

BHEL said that it would now be capable to pursue bigger growth opportunities in diverse areas, including transportation, renewable resources and transmission.

The company said in a statement that it would now be able to "tap big ticket opportunities for equity participation in large size international projects to gain access to technology, engineered materials and market."

A company with a Maharatna status can make investment decisions of up to Rs 5,000 crore on its own. Previously with a Navratna status, it was able to take investment decisions of up to only Rs 1,000 crore.

The Government on Friday conferred Maharatna status to two public-sector companies. Another PSU that was bestowed with Maharatna status is GAIL.

As per the guidelines, only a company with an average annual turnover of more than Rs 25,000 crore in the past three years can qualify for the Maharatna status, which ensures greater financial as well as functional autonomy.