List of Maharatna, Navratna and Miniratna PSUs in India

What is PSU?
» state-owned enterprise in India is called a public sector undertaking (PSU) or a public sector enterprise.
» These companies are owned by the union government of India, or one of the many state or territorial governments, or both.
» The company stock needs to be majority-owned by the government to be a PSU.
» PSUs may be classified as Central Public Sector Enterprises (CPSEs), public sector banks (PSBs) or State Level Public Enterprises (SLPEs).
» CPSEs are administered by the Ministry of Heavy Industries and Public Enterprises.
What is Maharatna, Navratna and Miniratna in context of PSUs?
» Various PSUs have been awarded additional financial autonomy. These companies are "public sector companies that have comparative advantages", giving them greater autonomy to compete in the global market so as to "support [them] in their drive to become global giants".
» Financial autonomy was initially awarded to nine PSUs as Navratnastatus in 1997. Originally, the term Navaratna meant a talisman composed of nine precious gems.
» Currently, the level of financial autonomy is divided into following three categories:
1.  Maharatna
2. Navratna
3. Miniratna
» In 2010, the government established the higher Maharatna category, which raises a company's investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore. The Maharatna firms can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to Rs. 1,000 crore or 15% of their net worth on a single project or 30% of their net worth in the whole year (not exceeding Rs. 1,000 crores) without explicit government approval. Two categories of "Miniratnas" afford less extensive financial autonomy. Miniratna companies could invest up to Rs. 300 crore or up to 50% of their net worth, whichever is lower without explicit government approval.

What are the eligibility criteria for PSUs to be declared as Maharatna, Navratna and Miniratna?
The eligibility criteria laid down by the Government for grant of Maharatna, Navratna and Miniratna status to Central Public Sector Enterprises (CPSEs) are following

Maharatna
The CPSEs fulfilling the following criteria are eligible to be considered for grant of Maharatna status.
1.  Having Navratna status.
2. Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
3. Average annual turnover of more than Rs. 25,000 crore, during the last 3 years.
4. Average annual net worth of more than Rs. 15,000 crore, during the last 3 years.
5. Average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.
6. Should have significant global presence/international operations.

Navratna 
Criteria for grant of Navratna status :-
The Miniratna Category – I and Schedule ‘A’ CPSEs, which have obtained ‘excellent’ or ‘very good’ rating under the Memorandum of Understanding system in three of the last five years, and have composite score of 60 or above in the six selected performance parameters, namely,
1.  net profit to net worth,
2. manpower cost to total cost of production/services,
3. profit before depreciation, interest and taxes to capital employed,
4. profit before interest and taxes to turnover,
5. earning per share and
6. inter-sectoral performance.

Miniratna
Criteria for grant of Miniratna status :-
The CPSEs which have made profits in the last three years continuously and have positive net worth are eligible to be considered for grant of Miniratna status.

» In April 2011, CIL was conferred the Maharatna status by the Union Government of India.


What are the benefits of having the tag of Maharatna, Navratna and Miniratna?
Benefits of being Maharatna, Navratna and Miniratna
» The benefits of being Maharatna, Navratna and Miniratna are in terms of financial autonomy, it means these companies can decide to invest certain amount as decided by government without explicit government approval. The amount differs for Maharatna, Navratna and Miniratna.
» The Maharatna PSUs can decide on investments of up to Rs. 1,000 crore - Rs. 5,000 crore, or free to decide on investments up to 15% of their net worth in a project while the Navaratna companies could invest up to Rs. 1,000 crore or 15% of their net worth on a single project or 30% of their net worth in the whole year (not exceeding Rs. 1,000 crores) without explicit government approval. Two categories of "Miniratnas" afford less extensive financial autonomy. Miniratna companies could invest up to Rs. 300 crore or up to 50% of their net worth, whichever is lower without explicit government approval.

List of Maharatna, Navratna and Miniratna in India
As on 30 September 2015 there are 7 Maharatnas, 17 Navratnas and 73 Miniratnas. There are nearly 300 CPSEs in total.

List of Maharatnas
1. Bharat Heavy Electricals (BHEL)
2.Coal India
3.GAIL
4.Indian Oil Corporation
5. NTPC Limited
6.Oil and Natural Gas Corporation (ONGC)
7. Steel Authority of India (SAIL)


List of Navratna
1.    Bharat Electronics
2.    Bharat Petroleum (BPCL)
3.    Container Corporation of India (CONCOR)
4.    Engineers India
5.    Hindustan Aeronautics
6.    Hindustan Petroleum (HPCL)
7.    Mahanagar Telephone Nigam (MTNL)
8.    National Aluminium Company (NALCO)
9.    National Buildings Construction Corporation (NBCC)
10. National Mineral Development Corporation (NMDC)
11.  Neyveli Lignite Corporation
12.  Oil India
13.  Power Finance Corporation
14.  Power Grid Corporation of India
15.  Rashtriya Ispat Nigam (RINL)
16.  Rural Electrification Corporation
17.  Shipping Corporation of India


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