New Delhi( India), 05/08/23: Oil India Ltd (OIL) has been upgraded to the status of ‘Maharatna’ Central Public Sector Enterprises (CPSE) by the Finance Ministry. With this certification, OIL becomes the 13th Maharatna CPSE among the country’s public sector firms.
In a tweet, the Department of Public Enterprise stated, “Hon’ble 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 crores and net profit of Rs 9854 crores for the YEAR 2022-23.”
Oil India Ltd (OIL) is a major operator in the oil and gas industry that reports to the Ministry of Petroleum and Natural Gas. The corporation has achieved remarkable financial performance for fiscal year 2022-23. Its yearly turnover was commendable at Rs 41,039 crores, while its net profit for the same period was Rs 9,854 crores.
As per the information available on the website of the Department of Public Enterprises, the other companies included in the 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).
The Maharatna scheme aims to give expanded authority to the boards of recognised large-sized CPSEs in order to assist their expansion in both domestic and global markets.
To be eligible for Maharatna status, the company must have had an average revenue of more than Rs 25,000 crore, an average annual net worth of more than Rs 15,000 crore, and an average annual net profit of more than Rs 5,000 crore over the previous three years.
The Maharatna designation, for example, allows enterprises to “incur capital expenditure on purchase of new items or replacement, without any monetary ceiling.” Furthermore, these CPSEs should not be reliant on fiscal support or government assurances.
