Oil India elevated as 13th ‘Maharatna’ company, ONGC Videsh rises to ‘Navaratna’ status

livemint.com:

Oil India Limited aims to enhance powers to the OIL board while taking financial decisions. "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 ₹41,039 crore and net profit of ₹9,854 crore for the Year 2022-23," the Department of Public Enterprises said in a post on Twitter. Further, the Department of Public Enterprises, also shared that the Finance Ministry of Indian government has said that Oil and Natural Gas Company (ONGC) VIdesh has been elevated to the status of Navaratna Company. Department of Public Enterprises shared: "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 ₹11,676 crore and net profit of ₹1,700 crore for the Year 2022-23". The other companies included in the Maharatna 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).