The Finance Ministry has upgraded Oil India and ONGC Videsh, two major oil sector companies, to higher categories within central public sector enterprises (CPSEs). Oil India is now a Maharatna company, while Oil and Natural Gas Corporation Videsh has become a Navratna CPSE. This upgrade empowers them to make significant investment decisions independently, both in India and abroad.
Oil India, previously a Navratna company, has now joined the elite ranks of Maharatna CPSEs, becoming the 13th in this category. With an annual turnover of Rs 41,039 crores and a net profit of Rs 9,854 crores in the fiscal year 2022-23, Oil India plays a crucial role in exploration and production in the oil and gas sector.
Oil and Natural Gas Corporation
ONGC Videsh, an arm of the Oil Ministry, has been elevated to Navratna status, making it the 14th member in this league of CPSEs. With an annual turnover of Rs 11,676 crore and a net profit of Rs 1,700 crore in FY 2022-23, ONGC Videsh gains the ability to make capital expenditures and form strategic alliances without monetary restrictions.
These upgrades signify the Finance Ministry’s effort to strengthen the autonomy and capabilities of these companies, enabling them to pursue larger investments and expand their operations, both domestically and internationally. ,
Oil and Natural Gas Corporation, Oil India, Public sector undertakings in India, Ministry of Finance, Petroleum, Steel Authority of India . Oil and Natural Gas Corporation