Oil India Ltd gets Maharatna status; ONGC Videsh raised to Navratna
New Delhi: The Finance Ministry has granted its approval for elevating Oil India Ltd's status to the 'Maharatna' category.
This decision will provide the OIL board with increased authority when making financial choices.
Following this development, the state-owned oil company now holds the position of the 13th Maharatna Central Public Sector Enterprise (CPSE) in India.
"Finance Minister approved the upgradation of Oil India Ltd (OIL) to Maharatna CPSE. OIL will be the 13th Maharatna amongst the CPSEs. OIL is a M/o Petroleum & Natural Gas CPSE with an annual turnover of Rs 41,039 crore and net profit of Rs 9,854 crore for the Year 2022-23," the Department of Public Enterprises said in a post on Twitter.
In another post, the Department of Public Enterprises shared: "Finance Minister has approved the upgradation of ONGC Videsh Ltd (OVL) to Navratna CPSE. OVL will be 14th Navratna amongst the CPSEs. It is a M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 11,676 crore and net profit of Rs 1,700 crore for the Year 2022-23".
The Maharatna list also comprises 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).
The Maharatna designation provides companies the authority to invest in capital expenditure for purchasing new items or replacements without any financial limit. Additionally, these Central Public Sector Enterprises (CPSEs) should be self-reliant and not rely on budgetary support or government guarantees.
ONGC Videsh is a wholly-owned subsidiary and overseas division of Oil and Natural Gas Corporation Limited (ONGC).
A Navratna status grants greater financial and operational autonomy to a company, allowing it to invest up to Rs 1,000 crore or 15 percent of its net worth in a single project without requiring government approval.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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