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Journalism of Courage
The government today provided enhanced financial autonomy to two public sector units PSUs Bridge and Roof Company and Bharat Pumps and Compressors by granting them the 8216;mini-ratna8217; status.
With mini-ratna status to Bridge and Roof Bamp;R and Bharat Pumps and Compressors BPCL,the number of such companies under the administrative Ministry of Heavy Industries and Public Enterprises has increased to seven.
Kolkata headquartered Bamp;R has been given mini-ratna category-I status while Allahabad based BPCL has been placed under category 8211; II,Minister of Heavy Industries and Public Enterprises Vilasrao Deshmukh told reporters here.
Deshmukh said the government was committed to the growth of public sector enterprises and has no plans to sell or close sick units.
Category-I mini-ratna firms have the power to incur capital expenditure on new projects,modernisation,purchase of equipment without government approval up to Rs 500 while in the category-II companies have financial autonomy to spend up to Rs 250 crore.
Bamp;R is a multi-disciplinary engineering and construction firm which provides services to various civic authorities.
BPCL caters to the need of companies in the oil and gas sector.
Deshmukh said with enhanced powers,these two companies can also explore options of forming joint ventures and subsidiaries.
The other five mini-ratna companies under the ministry are 8212; Rajasthan Electronics and Instrument,HMT International,Hindustan Paper Corporation,Engineering Projects India and Hindustan Newsprint Ltd.
