Oil India Ltd gets Maharatna tag

New Delhi: The Finance Ministry has approved the upgradation of Oil India Ltd to the category of 'Maharatna', a move which will impart enhanced powers to the OIL board while taking financial decisions. Post the upgrade, the State-run oil major has become India's 13th Maharatna Central Public Sector Enterprises (CPSE). "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, now branded as X. In another post, the 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 Rs 11,676 crore and net profit of Rs 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) and others.