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.[1] The number of PSEs having Navratna status has been raised to 16,[2] the most recent addition being Oil India Limited.
PSU companies are divided into three categories:
- Maharatna
- Navratna
- Miniratna CPSEs
- Category I
- Category II
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.
Maharatna status
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.[3] 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.
Criteria
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 [4]crore during the last 3 years.
- An average annual net worth of more than Rs. 10,000[5] crore during the last 3 years.
- An average annual net profit after tax of more than Rs. 2,500 crore during the last 3 years.
- Should have significant global presence/international operations.[6]
List of Maharatna
- Coal India Limited [7]
- Indian Oil Corporation Limited [8]
- NTPC Limited [9]
- Oil and Natural Gas Corporation Limited [10]
- Steel Authority of India Limited [11]
For the talisman, set of stones and gems, see Navaratna. For the well-known navratnas of Akbar and Vikramaditya's courts, see Nine Gems.
Navratna status
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.[12] The number of PSEs having Navratna status has been raised to 16,[13] the most recent addition being Neyveli Lignite Ltd [14].
Miniratnas status
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.
[edit] Category I
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.
- Airport Authority of India
- Balmer Lawrie & Co. Limited
- Bharat Dynamics Limited
- BEML 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 Ports 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
- IRCON International
- Kudremukh Iron Ore Company Ltd.
- Mazagon Dock Limited
- Mahanadi Coalfields Limited
- MOIL Limited
- Mangalore Refinery and Petrochemicals Limited
- Mishra Dhatu Nigam
- Minerals and Metals Trading Corporation of India
- MSTC Limited
- National Fertilizers Limited
- National Seeds Corporation
- Neyveli Lignite Corporation
- NHPC Limited
- 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
Category II
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. 300 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
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