Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as its most prestigious, which allowed them greater autonomy to compete in the global market.The number of PSEs having Navratna status has been raised to 16, the most recent addition being Oil India Limited.
PSU companies are divided into three categories:
Originally, the term Navaratna meant a talisman or ornament composed of nine precious gems. Later, this symbology was adopted in the courts of Emperor Vikramaditya and the Mughal emperor Akbar, where the Navaratnas were a group of nine extraordinary men in their respective courts.
In 2009, the government established the Maharatna status, which raises a company's investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore. The Maharatna firms would now be free to decide on investments up to 15 per cent of their net worth in a project.
Earlier, the Navaratna companies could invest up to Rs 1,000 crore without government approvals.
In order to qualify as a Maharatna, the process is bottoms up. This means the lowest employee should be proud of his/her company and contribute to the same according to the global standards. The 6 point criteria for eligibility as Maharatna are:
Having Navratna status.
Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
An average annual turnover of more than Rs. 20,000.crore during the last 3 years. Earlier it was Rs 25,000 Crore.
An average annual net worth of more than Rs. 10,000 crore during the last 3 years. Earlier it was Rs. 15,000 crore.
An average annual net profit after tax of more than Rs. 2500 crore during the last 3 years. Earlier it was Rs. 5000 crore.
Should have significant global presence/international operations.
List of Maharatna
Coal India Limited
Indian Oil Corporation Limited
Oil and Natural Gas Corporation Limited
Steel Authority of India Limited
Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as its most prestigious, which allowed them greater autonomy to compete in the global market. The number of PSEs having Navratna status has been raised to 16, the most recent addition being Neyveli Lignite Ltd .
List of Navratna CPSEs
Bharat Electronics Limited
Bharat Heavy Electricals Limited
Bharat Petroleum Corporation Limited
GAIL (India) Limited
Hindustan Aeronautics Limited
Hindustan Petroleum Corporation Limited
Mahanagar Telephone Nigam Limited
National Aluminium Company Limited
National Mineral Development Corporation Limited
Neyveli Lignite Corporation Limited
Oil India Limited
Power Finance Corporation Limited
Power Grid Corporation of India Limited
Rashtriya Ispat Nigam Limited (Vizag Steel)
Rural Electrification Corporation Limited
Shipping Corporation of India Limited
In addition, the government created another category called Miniratna. Miniratnas can also enter into joint ventures, set subsidiary companies and overseas offices but with certain conditions. In 2002, there were 61 government enterprises that were awarded Miniratna status. However, at present, there are 63 government enterprises that were awarded Miniratna status.
This designation applies to PSEs that have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years. These miniratnas granted certain autonomy like incurring capital expenditure without government approval up to Rs. 500 crore or equal to their net worth, whichever is lower.
Airports Authority of India
Balmer Lawrie & Co. Limited
Bharat Dynamics Limited
Bharat Sanchar Nigam Limited
Bridge & Roof Company (India) Limited
Central Warehousing Corporation
Central Coalfields Limited
Chennai Petroleum Corporation Limited
Cochin Shipyard Limited
Container Corporation of India Limited
Dredging Corporation of India Limited
Engineers India Limited
Ennore Port Limited
Garden Reach Shipbuilders & Engineers Limited
Goa Shipyard Limited
Hindustan Copper Limited
HLL Lifecare Limited
Hindustan Newsprint Limited
Hindustan Paper Corporation Limited
Housing and Urban Development Corporation
India Tourism Development Corporation
Indian Railway Catering and Tourism Corporation
Kudremukh Iron Ore Company Ltd.
Mazagon Dock Limited
Mahanadi Coalfields Limited
Mangalore Refinery and Petrochemicals Limited
Mishra Dhatu Nigam
Minerals and Metals Trading Corporation of India
National Fertilizers Limited
National Seeds Corporation
Pawan Hans Helicopters
Northern Coalfields Limited
Numaligarh Refinery Limited
Rashtriya Chemicals & Fertilizers Limited
Satluj Jal Vidyut Nigam
Security Printing and Minting Corporation of India Limited
South Eastern Coalfields Limited
State Trading Corporation of India Limited
Tehri Hydro Development Corporation Limited
Telecommunications Consultants (India) Limited
Western Coalfields Limited
Water & Power Consultancy (India) Limited
This category include those PSEs which have made profits for the last three years continuously and should have a positive net worth. Category II miniratnas have autonomy to incurring the capital expenditure without government approval up to Rs. 250 crore or up to 50% of their net worth whichever is lower.
50. Bharat Pumps & Compressors
51. Broadcast Engineering Consultants (I) Limited
52. Central Mine Planning & Design Institute Limited
53. Educational Consultants (I) Limited
54. Engineering Projects (I) Limited
55. Ferro Scrap Nigam Limited
56. HMT (International) Limited
57. HSCC (India) Limited
58. India Trade Promotion Organization
59. Indian Medicines Pharmaceuticals Corporation Limited
60. M E C O N Limited
61. National Film Development Corporation Limited
62. P E C Limited
63. Rajasthan Electronics & Instruments Limited