Millennium Post

Vasudeva steers ONGC arm MRPL to Schedule A status

Vasudeva steers ONGC arm MRPL to Schedule A status
Mangalore Refinery and Petrochemicals Ltd, a unit of state-owned ONGC, has been upgraded to Schedule A from Schedule B, reflecting improved profitability and turnover.

MRPL, a mini-ratna public sector unit, was 'upgraded from Schedule B to A with effect from 4 July by the Department of Public Enterprises,' the company said in a statement.

DPE classifies Central PSUs into four schedules -- A, B, C and D, based on quantitative factors like investment, capital employed, net sales, profit, number of employees, number of units; and qualitative factors like national importance, complexity of problems, level of technology, prospects for expansion and diversification of activities and competition from other sectors.

'Having entered the 'A' list, MRPL will now be entitled to more benefits and can now aspire for Navaratna status,' it said.
As on 31 March, 2012, there were 61 Schedule A PSUs across all sectors. MRPL will now join this list.

In the oil and gas sector, MRPL would be the 8th company to be in this category. Other Schedule A firms in the oil and gas space are Oil and Natural Gas Corp (ONGC), GAIL India Ltd, Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL), Hindustan Petroleum Corp (HPCL), Engineers India Ltd and Oil India Ltd.

DPE formulates policy guidelines on the Board structure of public enterprises and advises on the shape and size of organisational structure. The pay scales of chief executives and full time functional Directors of the public sector enterprises (PSEs) are linked with the schedule of the concerned enterprise.
Agencies

Agencies

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