Oil India upgrades to Maharatna, ONGC Videsh to Navratna
OIL & GAS

Oil India upgrades to Maharatna, ONGC Videsh to Navratna

The central government has elevated Oil India (OIL), a central public sector enterprise (CPSE) in the petroleum sector, to the status of Maharatna, resulting in a total of 13 Maharatna companies.

This transition grants the OIL Board increased authority in making financial decisions. OIL boasts an annual turnover of Rs 410.39 billion and a net profit of Rs 98.54 billion.

The existing roster of 12 Maharatna CPSEs includes REC, Power Finance Corporation, Bharat Heavy Electricals, Bharat Petroleum Corp, Coal India, GAIL (India), Hindustan Petroleum Corp, Indian Oil Corp, NTPC, Oil & Natural Gas Corp, Power Grid Corp of India, and Steel Authority of India.

For a company to attain Maharatna status, it must be listed on an Indian stock exchange and maintain an average annual turnover exceeding Rs 250 billion over the preceding three years.

In addition, the government has promoted ONGC Videsh (OVL) to the rank of Navratna, adding to the count of Navratnas, which now totals 14.

OVL has achieved an annual turnover of Rs 116.76 billion and a net profit of Rs 17 billion during the fiscal year 2022-23. India's CPSE landscape now comprises 13 Maharatna, 14 Navratna, and 74 Miniratna companies.

The central government has elevated Oil India (OIL), a central public sector enterprise (CPSE) in the petroleum sector, to the status of Maharatna, resulting in a total of 13 Maharatna companies. This transition grants the OIL Board increased authority in making financial decisions. OIL boasts an annual turnover of Rs 410.39 billion and a net profit of Rs 98.54 billion. The existing roster of 12 Maharatna CPSEs includes REC, Power Finance Corporation, Bharat Heavy Electricals, Bharat Petroleum Corp, Coal India, GAIL (India), Hindustan Petroleum Corp, Indian Oil Corp, NTPC, Oil & Natural Gas Corp, Power Grid Corp of India, and Steel Authority of India. For a company to attain Maharatna status, it must be listed on an Indian stock exchange and maintain an average annual turnover exceeding Rs 250 billion over the preceding three years. In addition, the government has promoted ONGC Videsh (OVL) to the rank of Navratna, adding to the count of Navratnas, which now totals 14. OVL has achieved an annual turnover of Rs 116.76 billion and a net profit of Rs 17 billion during the fiscal year 2022-23. India's CPSE landscape now comprises 13 Maharatna, 14 Navratna, and 74 Miniratna companies.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000