Bharat Petroleum Corporation (BPCL) is poised to become a Maharatna company. Presently it has a Navratna status.
The decision to elevate BPCL to Maharatna status was taken by a panel headed by Cabinet secretary and an announcement to this effect may be made soon.
BPCL will be the eighth Central Public Sector Enterprises (CPSE) to get the coveted Maharatna status. The status will enable BPCL Board to get enhanced powers which will help in the expansion of its operations, both in India and abroad.
The “Maharatna” category for CPSEs was introduced in 2009 with the objective to empower mega CPSEs to expand their operations and emerge as global giants or become Indian Multinational Companies (MNCs),
At present, there are seven Maharatna companies — Bharat Heavy Electricals (BHEL), Coal India (CIL), GAIL (India), Indian Oil Corporation, NTPC, Oil and Natural Gas Corporation (ONGC) and Steel Authority of India (SAIL).
Under the rules, Central Public Sector Enterprises (CPSEs) must fulfill the following criteria for grant of Maharatna status: Average annual turnover of more than Rs. 25,000 crore during last 3 years; average annual net worth of more than Rs. 15,000 crore, during last 3 years; average annual net profit after tax of more than Rs. 5,000 crore, during last 3 years; should have a signicant global presence and international operations; and listed on Indian stock exchange with a minimum prescribed public shareholding limit under SEBI regulations.