GAIL becomes Maharatna

GAIL becomes Maharatna
GAIL (India) Limited has been accorded the Maharatna status by the Government of India. This was announced by Dr M. Veerappa Moily, Minister for Petroleum and Natural Gas during a media briefing on February 1st, 2013.
GAIL is the youngest public sector undertaking (PSU) to be accorded this recognition. This is the latest in the series of recognitions received by GAIL. In the recent past, GAIL has been recognised as Asia’s No 1 gas utility and the world’s No 1 downstream company apart from consistent excellence awards for MoU performance.
The Maharatna status will provide greater flexibility in day to day operations of the company. The Board of a Maharatna company has enhanced powers to accord approvals, to make equity investment to establish financial JVs and wholly owned subsidiaries and undertake mergers and acquisitions (M&As) in India or abroad.
Speaking on the development, B C Tripathi, Chairman and Managing Director, GAIL said, “The recognition as a Maharatna PSU is indeed a phenomenal achievement and a momentous occasion in the life of GAIL.”