New Delhi: The Ministry of Power, Government of India, has sought the much-coveted 'Maharatna' status for PowerGrid Corporation of India Limited (PGCIL), an official said.

The Maharatna status permits Public Sector Enterprises (PSE) to have greater financial autonomy, allowing them to decide on investments of up to 15 percent of their net worth in a project, without government approval. It also ensures state-run firms are more empowered in decision-making and are globally competitive. If the Centre approves the recommendation, PGCIL, the country's largest power transmission company, could become the eighth public sector undertaking (PSU) to achieve the feat, the second in the power sector. Bharat Heavy Electricals Ltd, Indian Oil Corp, Oil & Natural Gas Corp, Bharat Petroleum Corp, Coal India Ltd, NTPC Ltd and Steel Authority of India Ltd are the other 'Maharatna' public sector undertakings.

After achieving the qualifying parameter of an average annual turnover of Rs 20,000 crore for three years, PowerGrid applied for 'Maharatna' status, the official added. In 2017-18, PGCIL's consolidated net profit was Rs 8,198 crore, while in the previous year it was Rs 7,451 crore. The total consolidated income in 2017-18 was Rs 30,431 crore, compared to Rs 26,283 crore in 2016-17. In the last three years, the company's total income has grown at 20.05 percent, profit after tax at 18.28 percent, and gross fixed assets at 14.41 percent.