Maharatna Companies In India 2023: Check Companies Criteria And List In English

Maharatna Company Of India 2023: Maharatna Companies are one of the types of status given to the Central Public Sector Enterprises (CPSEs) listed under the Government of India. The Government of India classifies the CPSEs into three categories based on fulfilling certain criteria. The three types of status are given in the name of Maharatna, Navaratna, and Miniratna. At present in the year 2023, a total of 13 Maharatna Companies are in India. The list of Maharatna companies in India is Bharat Heavy Electricals Limited, Bharat Petroleum Corporation Limited, Coal India Limited, Gas Authority of India Limited, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, National Thermal Power Corporation, Oil and Natural Gas Corporation, Power Grid Corporation of India, Steel Authority of India Limited, Rural Electrification Corporation Limited, Power Finance Corporation, and Oil India Limited.

In this article, we have provided the complete list of Maharatna company definition, Maharatna company criteria, Maharatna company benefits, differences between Maharatna and Navratna company, Maharatna company list, recent Maharatna Company in India, 13th maharatna company, and the complete details of Maharatna Companies in India.

This article deals with the Maharatna Company meaning, Maharatna Company list 2023, Maharatna company criteria, Maharatna Company in India, Maharatna Company benefits, Details of Maharatna companies in India, and recent Maharatna company in India.

Maharatna Company

A Company under Public Sector Undertakings in India that gained Maharatna status is called a Maharatna Company. Maharatna Companies play a major role in the economy of the nation. Maharatna Companies have an authoritative position when compared with other PSUs which influences globally. In order to gain Maharatna status, the company should be eligible for the criteria given by the Indian Government. Some criteria are high net worth, high performance record, and significant annual turnover. Maharatna Company should have already gained the status of Navaratna Company.  Maharatna companies have more freedom in making financial decisions without consulting the government.

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At present, there are 13 Maharatna companies in India. Maharatna companies are based in various sectors including energy, minerals, telecommunication, etc. Maharatna companies play a significant role in the growth and development of the Indian nation. 

List Of Maharatna Companies in India 2023

Here we have provided the complete list of Maharatna Companies in India 2023.

List Of Maharatna Companies in India 2023

SI. No

Company Name

Established Year

1

Bharat Heavy Electricals Limited (BHEL)

1964

2

Bharat Petroleum Corporation Limited (BPCL)

1976

3

Coal India Limited (CIL)

1975

4

Gas Authority of India Limited (GAIL)

1984

5

Hindustan Petroleum Corporation Limited (HPCL)

1974

6

Indian Oil Corporation Limited (IOCL)

1959

7

National Thermal Power Corporation (NTPC)

1975

8

Oil and Natural Gas Corporation (ONGC)

1956

9

Power Grid Corporation of India (POWERGRID)

1989

10

Steel Authority of India Limited (SAIL)

1954

11

Power Finance Corporation (PFC)

1986

12

Rural Electrification Corporation Limited (REC)

1969

13

Oil India Limited (OIL)

1959

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Maharatna Companies Criteria

Certain criteria are fixed by the Government of India to grant the status of Maharatna to the Central Public Sector Enterprises (CPSEs). Maharatna Companies eligibility is discussed below on a detailed basis. Candidates who are preparing for the upcoming competitive exams can use the given information. 

Maharatna Company Criteria 

Central Public Sector Enterprises (CPSEs) are eligible for the status of Maharatna by meeting the following criteria.

  • The company should have Navratna status.
  • The company should be listed on the Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
  • The company should have an average annual turnover of more than INR 25,000 cr during the last 3 years.
  • The company should have an average annual net worth of more than INR 15,000 cr during the last 3 years.
  • The company should have an average annual net profit after tax of more than INR 5,000 cr during the last 3 years.
  • The company should have a significant global presence and international operations.

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Maharatna Companies Benefits

In May 2010, Maharatna  Status was introduced for CPSEs to empower bigger CPSEs to increase their operation and emerge as a global giant. Here we have provided with the numerous benefits of Maharatna companies.

  • A company that has a Maharatna status gets more benefits than other PSU companies.
  • Maharatna companies have greater operational and financial autonomy.
  • A Maharatna company can make investments up to INR 5000 cr or 15% of their total net worth in a project for undertaking financial joint ventures, wholly owned subsidiaries, and undertaking mergers or acquisitions both in India and globally.

Recent Maharatna Company In India

Here we have provided the details of the latest Maharatna Company Lists in India.

On 10 August 2023, Oil India Limited gained the status of a Maharatna Company. This increases the number of Maharatna Companies in India list to 13 from 12. So, the 13th Maharatna Company of India is Oil India Ltd. The status of Maharatna was approved by the Union Minister of Finance Nirmala Sitharaman. 

Some of the new Maharatna companies of India are Rural Electrification Corporation Limited (REC), and Power Finance Corporation (PFC). In September 2022, Rural Electrification Corporation Limited (REC) a Non Banking Finance Company (NBFC) got the Maharatna status from the Central Public Sector Enterprise under the Ministry of Finance. This status was given to improve the Indian Power Sector's growth and development.

In the year 2021, Power Finance Corporation (PFC) joined the esteemed list of Maharatna Companies. After acquiring the status, PFC can make investments, and financial joint ventures, and oversee acquisition and mergers.

In May 2010, the Maharatna scheme was established with the aim of increasing CPSE operation and emerging as a global giant. Maharatna status is given to the large sized Navaratna CPSEs to increase growth at both domestic and international levels.

Details Of Maharatna Companies In India

The Government of India has granted the Maharatna status to 13 Navaratna companies. The complete details of each Maharatna Company are provided below.

Bharat Heavy Electricals Limited (BHEL)

  • On 29th August 1956, Heavy Electricals (India) Limited (HE(I)L) was registered in the Public Sector under the Ministry of Industry and Commerce.

  • Later three units were established for the manufacturing of heavy electrical equipment at Tiruchirappalli (Tamil Nadu), Hyderabad (Telangana), and Haridwar (Uttarakhand).

  • These three units were combined together and formally incorporated as Bharat Heavy Electricals Limited on 13 November 1964.

  • In January 1974, HE(I)L and BHEL formally merged.

  • BHEL became the first public sector company to obtain ISO 9000 and ISO 14000 accreditations.

  • BHEL provides sustainable business solutions in the fields of Energy, Industry and infrastructure.

  • The government approved the grant of Maharatna status to Bharat Heavy Electricals Limited (BHEL) in February 2013.

Bharat Petroleum Corporation Limited (BPCL)

  • In 1928, Asiatic Petroleum (India) joined hands with the Burmah Oil Company.

  • Burmah Oil Company is an active producer, refiner, and distributor of petroleum products in Indian and Burmese markets formed the Burmah-Shell Oil Storage and Distributing Company of India Limited.

  • The first drive-through fuel station in India was built in 1928.

  • Burmah Shell is the erstwhile identity of BPCL.

  • On 24 January 1976, Bharat Refineries Limited, a 100% public sector enterprise, acquired complete ownership of Burmah Shell’s interests in India.

  • In 1976, Bharat Refineries Limited was named Bharat Petroleum Corporation Limited.

  • The head office of BPCL is in Mumbai, Maharashtra.

  • In 2017, Bharat Petroleum Corporation Limited received the Maharatna Status.

Coal India Limited (CIL)

  • Coal India Limited (CIL) the state-owned coal mining corporate was established on November 1975.

  • Coal India Limited has 11 fully owned subsidiary companies.

  • Coal India Limited has 322 mines (as of 1st April 2023).

  • CIL has 21 training Institutes and 76 Vocational Training Centres.

  • The head office of CIL is in Kolkata, West Bengal.

  • CIL is the single largest coal producer in the world and one of the largest corporate employers.

  • The government of India approved the grant of Maharatna status to Coal India Limited (CIL) on 11 April 2011.

Gas Authority of India Limited (GAIL)

  • GAIL (India) Limited is India’s leading natural gas company.

  • GAIL is under the Ministry of Petroleum & Natural Gas (MoP&NG).

  • The head office of GAIL is in New Delhi.

  • GAIL works across natural gas trading, transmission, LPG production & transmission, LNG re-gasification, petrochemicals, city gas, E&P, etc.

  • GAIL is expanding its work in renewable energy like Solar, Wind, and Biofuel.

  • Vision of GAIL, Be the leader in the natural gas value chain and beyond, with a global presence, creating value for stakeholders with environmental responsibility.

  • The government of India approved the grant of Maharatna status to the Gas Authority of India Ltd (GAIL) on 1st February 2013.

Hindustan Petroleum Corporation Limited (HPCL)

  • HPCL is an amalgamation of the erstwhile foreign oil companies ESSO and Caltex, which were taken over by the Government of India in 1974 and 1976 respectively.

  • HPCL is a Central Public Sector Undertaking, with a subscribed capital of Rs. 339.33 Crores.

  • Hindustan Petroleum Corporation Ltd (HPCL) was established in 1974.

  • HPCL is headquartered in Mumbai, Maharashtra.

  • HPCL is one of the largest Public Sector Undertaking involving refining Crude Oil and marketing of various petroleum products like Asphalt, Diesel, Kerosene, LPG, Lube Oils, Petrol, branded products like ATF (Aviation Turbine Fuel), Power, Turbojet, Naphtha, throughout India and selected foreign countries.

  • The government of India approved the grant of Maharatna status to the Hindustan Petroleum Corporation Ltd (HPCL) in October 2019.

Indian Oil Corporation Limited (IOCL)

  • IOCL was established in 1959.

  • Indian Oil Corporation Ltd is headquartered in New Delhi.

  • IOCL is the highest ranked Indian Energy Public Sector Unit in the Fortune 500 list of 2023 and the rank is 94.

  • Indian Oil Corporation Ltd is the leading promoter of the Government of India's scheme SATAT (Sustainable Alternative Towards Affordable Transportation).

  • IOCL is the first Indian company to start Compressed Bio Gas marketing with the brand name IndiGreen.

  • IndianOil is strengthening the Green Hydrogen ecosystem in the country.

  • In November 2010, Indian Oil Corporation Limited received the Maharatna Status.

National Thermal Power Corporation (NTPC)

  • National Thermal Power Corporation (NTPC) was established in 1975.

  • NTPC is headquartered in New Delhi.

  • NTPC is the largest power utility and plans to become a 130 GW company by 2032.

  • National Thermal Power Corporation sets up power projects and generates electricity.

  • NTPC generates reliable power at competitive prices in a sustainable manner with the use of multiple energy sources with eco-friendly technologies.

  • In November 2010, National Thermal Power Corporation (NTPC) received the Maharatna Status.

Oil and Natural Gas Corporation (ONGC)

  • Oil and Natural Gas Corporation (ONGC) was established in August 1956.

  • ONGC is the largest crude oil and natural gas Company in India. It contributes around 71 percent to Indian domestic production.

  • Crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL, and MRPL to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas LPG.

  • ONGC is the biggest wealth creator in the country. The market capitalization of ONGC is one of the best among PSUs.

  • HPCL and MRPL are the subsidiaries of ONGC. HPCL is a Maharatna CPSE.

  • Mangalore Refinery and Petrochemicals Limited (MRPL) is a schedule ‘A’ Miniratna CPSE.

  • ONGC Videsh Limited, a Miniratna Schedule “A” CPSE is the wholly owned subsidiary and overseas arm of ONGC.

  • In 1997, ONGC was recognized as a Navratna by the Government of India, and in 2010, ONGC got Maharatna Status.

Power Grid Corporation of India (POWERGRID)

  • National Power Transmission Corporation Limited was established on 23rd October 1989. 

  • POWERGRID was headquartered in Gurgaon, India.

  • It was assigned the responsibility of planning, executing, owning, operating, and maintaining the high voltage transmission systems in the country.

  • In October 1992, the National Power Transmission Corporation name was changed to Power Grid Corporation of India Limited (POWERGRID).

  • POWERGRID is a listed Company with 51.34% holding by the Government of India and the balance 48.66% by the public.

  • The government of India approved the grant of Maharatna status to the Power Grid Corporation of India Limited (POWERGRID) in October 2019.

Steel Authority of India Limited (SAIL)

  • Hindustan Steel Limited was set up on January 19, 1954.

  • In 1973, five integrated steel plants were incorporated with an authorized capital of Rs. 2000 crore to form Steel Authority of India Ltd.

  • In 1978, SAIL was restructured as an operating company.

  • Steel Authority of India Limited was headquartered in New Delhi.

  • Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India.

  • The Government of India owns about 65% of SAIL's equity and retains voting control of the Company.

  • In May 2010, Steel Authority of India Limited (SAIL) got Maharatna status from the Government of India.

Power Finance Corporation (PFC)

  • Power Finance Corporation (PFC) is a leading Non-Banking Financial Corporation in the Country.

  • Power Finance Corporation (PFC) was incorporated on July 16th, 1986.

  • PFC's registered office is located in New Delhi.

  • PFC's regional offices are located in Mumbai and Chennai.

  • PFC was designated as a Nodal Agency for the development of the Integrated Power Development Scheme(IPDS), and Ultra Mega Power Projects (UMPPs).

  • PFC was designated as a Bid Process Coordinator for Independent Transmission Projects (ITPs).

  • In  October 2021, Power Finance Corporation (PFC) got Maharatna status from the Government of India.

Rural Electrification Corporation Limited (REC)

  • Rural Electrification Corporation Limited (REC) was incorporated in 1969.

  • REC is under the administrative control of the Ministry of Power, Government of India.

  • REC is registered with RBI as a non-banking finance company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).

  • REC provides long terms loans and other financing products to State, Centre, and Private Companies for the creation of infrastructure assets in the country.

  • REC acts as a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and National Electricity Fund (NEF) Scheme.

  • In September 2022, Rural Electrification Corporation Limited (REC) got the Maharatna status from the Central Public Sector Enterprise under the Ministry of Finance.

Oil India Limited (OIL)

  • Oil India Private Limited was incorporated on 18th February 1959.

  • OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas.

  • OIL is the second largest national oil and gas company in India.

  • In 1981, OIL became a wholly owned Government of India enterprise.

  • OIL was the first oil & gas company to list its bonds on the International Securities Market, London Stock Exchange in 2019.

  • On 10 August 2023, Oil India Limited gained the status of a Maharatna Company.

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Maharatna Companies in India 2023: FAQs

Q. Which is the 13th Maharatna Company of India?

A. Oil India Limited is the 13th Maharatna Company of India.

Q. How many Maharatna Company in India?

A. At present there are 13 Maharatna Companies in India.

Q. Which is the 12th Maharatna Company of India?

A. REC a non-banking finance company (NBFC) is the 12th Maharatna Company of India.

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