The Finance Ministry has approved the upgradation of Oil India Ltd (OIL) to the category of ‘Maharatna’ Central Public Sector Enterprises (CPSE). With this approval, the state-run company OIL becomes the 13th Maharatna CPSE among the country's public sector companies.
Sharing the information, the Department of Public Enterprise, in a tweet, said, "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), operates under the Ministry of Petroleum & Natural Gas and has emerged as a prominent player in the oil and gas sector. For the fiscal year 2022-23, the company has reported impressive financial results. It's annual turnover reached a commendable figure of Rs 41,039 crores and net profit for the same period stood at 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 is aimed at giving enhanced powers to the boards of identified large-sized CPSEs so as to facilitate the expansion of their operations, both in domestic as well as global markets.
To be eligible for the grant of the Maharatna status, the company should have an average turnover of over Rs 25,000 crore, an average annual net worth of more than Rs 15,000 crore, and an average annual net profit of over Rs 5,000 crore during the last three years.
Among others, the Maharatna status allows companies to "incur capital expenditure on purchase of new items or for replacement, without any monetary ceiling." Also, these CPSEs should not depend upon budgetary support or government guarantees.
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