New Delhi (04.08.2023): State run oil major Oil India Limited (OIL) has been elevated to Maharatna status by Union Finance ministry making it the 13th Maharatna Central Public Sector Enterprises (CPSE).
The move to elevate the status of OIL aims to enhance powers of the board of the company while taking financial decisions. Union Finance Ministry also elevated Oil and Natural Gas Company (ONGC) Videsh to the status of Navratna company. Department of Public Enterprises shared that Finance Minister has approved the upgradation of ONGC Videsh Ltd (OVL) to Navratna CPSE. OVL will be 14th Navratna amongst the CPSEs.
The other companies included in the Maharatna list are Bharat Heavy Electricals Limited (BHEL), Bharat Petroleum Corporation Limited (BPCL), Coal India Limited, GAIL India Limited, Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited, NTPC Limited, Oil & Natural Gas Corporation Limited (ONGC), Power Finance Corporation, Power Grid Corporation of India Limited, Rural Electrification Corporation Limited and Steel Authority of India Limited (SAIL).
To be eligible for the grant of the Maharatna status, the company should have an average turnover of over ₹25,000 crore, an average annual net worth of more than ₹15,000 crore, and an average annual net profit of over ₹5,000 crore during the last three years.
