State-run BHEL is eligible to seek the Maharatna status, which would provide the power equipment maker with more financial autonomy, according to the Department of Public Enterprises. “The company meets the eligibility criteria for grant of Maharatna status,” a Department of Public Enterprises (DPE) official said. A Maharatna PSU can take decisions for up to `5,000 crore investment without the Cabinet approval. Currently, BHEL is a Navratna company which allows it to make investments only up to `1,000 crore without the Cabinet nod. The Heavy Industries Ministry, the administrative ministry of BHEL, has to first move the proposal for Maharatna status to the DPE, the official added. To be eligible for Maharatna status, a public sector company should have an average annual net profit of over `5,000 crore in the last three years, among others. As per the DPE guidelines, other eligibility norms include an average turnover of over `25,000 crore as well as average net worth of more than `15,000 crore in the last three financial years. Last year, Bharat Heavy Electricals Ltd (BHEL) had sought the coveted status but it did not meet some of the eligibility criteria. Now, the company meets Maharatna’s eligibility criteria in terms of average net profit, turnover and net worth for the past three financial years. BHEL saw its net profit jump 14 per cent to `6,868 crore for the year ended March 2012. Net profit stood at `6,011 crore in 2010-11 as compared to `4,310 crore in the year-ago period.