Oil India is now Maharatna, OVL is Navratna

The central government has upgraded petroleum sector central public sector enterprise (CPSE) Oil India Ltd (OIL) to Maharatna, taking the number of Maharatnas to 13.

The move will impart enhanced powers to the REC Board while taking financial decisions.

OIL has annual turnover of Rs 41,039 crores and net profit of Rs 9,854 crores.

The other 12 Maharatna CPSEs at present are REC, Power Finance Corporation, Bharat Heavy Electricals Ltd, Bharat Petroleum Corp. Ltd, Coal India Ltd, GAIL (India) Ltd, Hindustan Petroleum Corp. Ltd, Indian Oil Corp. Ltd, NTPC Ltd, Oil & Natural Gas Corp. Ltd, Power Grid Corp. of India Ltd, and Steel Authority of India Ltd

For a company to be categorized as a Maharatna status, a company should be listed on an Indian stock exchange and have an average annual turnover of over ₹25,000 crore during the previous three years.

The government has also upgraded ONGC Videsh Ltd (OVL) as Navratra, taking the number of Navratnas to 14.OVL has annual turnover of Rs 11,676 crores and net profit of Rs 1,700 crores for the year 2022-23.India now has 13 Maharatna,14 Navratna and 74 Miniratna CPSEs.