The Finance Ministry on Friday has approved the upgradation of Oil India Limited to the category of ‘Maharatna’. According to the sources, the decision has been taken as a move which will impart enhanced powers to the OIL board while taking financial decisions.
Soon after the status upgradation, the state-run oil giant has become 13th Maharatna Central Public Sector Enterprises (CPSE) in India.
“Finance Minister approved 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 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 a string of tweets, the department also mentioned, “Hon’ble 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 crores and net profit of Rs 1700 crores for the YEAR 2022-23”
According to the information, a 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, to be eligible for the status of Maharatna. The status allows the company to “incur capital expenditure on purchase of new items or for replacement, without any monetary ceiling.”
On the other hand, a ‘Navratna’ status make the company to have enhanced financial and operational freedom and empowers it to invest up to ₹1,000 crore or 15% of its net worth on a single project without seeking government approval.
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