The Finance Ministry has approved upgradation of the Oil India Limited (OIL) to the category of ‘Maharatna’ Central Public Sector Enterprise (CPSE), taking the number of Maharatnas to 13.
OIL Gets ‘Maharatna’ Status
With this decision of the Central government, there are now a total of 13 ‘Maharatna’ CPSEs in the country.
The other 12 Maharatna CPSEs at present are REC, Power Finance Corporation, Bharat Heavy Electricals Limited, Bharat Petroleum Corporation Limited, Coal India Limited, GAIL (India) Limited, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, NTPC Limited, Oil & Natural Gas Corporation Limited, Power Grid Corporation of India Limited, and Steel Authority of India Limited.
The Department of Public Enterprises took to their official Twitter handle and wrote, “Union Finance Minister approved upgradation of Oil India Limited (OIL) to ‘Maharatna’ Central Public Sector Enterprise (CPSE). OIL will be the 13th Maharatna amongst the CPSEs. OIL is an M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 41,039 crore and net profit of Rs 9854 crore for the year 2022-23.”