Power equipment maker Bharat Heavy Electricals Ltd (BHEL) today said it has been granted Maharatna status by the government.

"Consistent high performance, while operating in a highly competitive environment and fulfillment of the required eligibility criteria has enabled BHEL to attain the Maharatna status," the company said in a statement.

Maharatna status will help BHEL realise its long-term objectives and reach a turnover of Rs 1 lakh crore by 2016-17, it added.

BHEL had a turnover of Rs 49,510 crore and net profit of Rs 7,040 crore in the year 2012.

The company will be able to pursue growth opportunities in the areas of transportation, renewables and transmission and "tap big ticket opportunities for equity participation in large size international projects to gain access to technology, engineered materials and market".

A Maharatna firm can take investment decision of up to Rs 5,000 crore without going to the government.

A company qualifying for the Maharatna status should have an average annual turnover of more than Rs 25,000 crore in the last three years, according to the guidelines.

Among others, the PSU must have a net worth of over Rs 15,000 crore and net profit of more than Rs 5,000 crore during the last three years.