Miniratna Category-I Status to MECON |ForumIAS

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News: The Ministry of Steel has approved the grant of Miniratna Category-I status to MECON Limited.

About Miniratna Category-I Status to MECON

Mecon Limited has been granted the status of Miniratna Category-I.
- This status provides enhanced financial and operational autonomy to the Board of MECON Limited.
The government grants the status of Maharatna, Navratna and Miniratna to Central Public Sector Enterprises (CPSEs).
The status of Miniratna has two sub-categories –

Categories	Description
Miniratna Category-I Status	The CPSEs that meet the following criteria are eligible to be considered for the grant of Miniratna-I status: made a profit continuously in the last three years pre-tax profit is Rs.30 crores or more in at least one of the three years and Have a positive net worth.
Miniratna Category-II Status	The CPSEs which meet the following criteria are eligible to be considered for the grant of Miniratna-II status: Have made a profit for the last three years continuously and Have a positive net worth.
Additional Conditions for both categories	Miniratna CPSEs should not have defaulted in the repayment of loans/interestpayment on any loans due to the Government. Miniratna CPSEs shall not depend upon budgetary support or Government guarantees.
Benefits of Miniratna status	Miniratna status offers benefits such as greater operational and financial autonomy, improved flexibility in decision-making, and a stronger competitive position in the sector.

About: MECON Limited is a Schedule ‘A’ Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Steel.
It is one of India’s premier engineering, consultancy, project management and contracting organisations.
Establishment: It was established in 1959.
Headquarters: It is headquartered in Ranchi, Jharkhand.
It has made significant contributions to the development of the country’s steel sector and has diversified its operations across mining, infrastructure, power, oil & gas and other core sectors of the economy.