Hindustan Aeronautics Joins ‘Maharatna’ League, Becomes India’s 14th PSU to Get Top Status
HAL upgraded to ‘Maharatna’ status
With HAL’s elevation, India now boasts 14 Maharatna PSUs
Hindustan Aeronautics Limited (HAL) has been granted the prestigious status of Maharatna Central Public Sector Enterprise (CPSE). The announcement was made on October 12 by the Department of Public Enterprises via a post on X (formerly Twitter), following approval from Finance Minister Nirmala Sitharaman.
This upgrade was recommended by two high-level committees: the Inter-Ministerial Committee (IMC), chaired by the Finance Secretary, and the Apex Committee, led by the Cabinet Secretary.
Hon’ble Finance Minister has approved the upgradation of Hindustan Aeronautics Limited (HAL) to 14th #Maharatna CPSE. The proposal has earlier been recommended by Inter-Ministerial Committee (IMC) headed by Finance Secretary and Apex Committee headed by Cabinet Secretary. HAL is… pic.twitter.com/xBR18okU74— Department of Public Enterprises (@DPE_GoI) October 12, 2024
HAL, which operates under the Department of Defence Production (DoDP), reported a turnover of Rs 28,162 crore and a net profit of Rs 7,595 crore for the financial year 2023-24. As the 14th company to receive the Maharatna status, HAL will benefit from enhanced operational autonomy and greater financial powers.
The most recent company to be awarded the Maharatna status was Oil India, which received the designation in August 2023.
What Is Maharatna Status?
The Government of India classifies Central Public Sector Enterprises (CPSEs) into three categories—Maharatna, Navratna, and Miniratna—based on specific eligibility criteria.
In India, Public Sector Undertakings (PSUs) are categorised based on their non-financial objectives and are registered under Section 8 of the Companies Act, 2013 (formerly Section 25 of the Companies Act, 1956).
The Maharatna category was introduced in 2010 to recognise and reward high-performing PSUs.
Eligibility Criteria for Maharatna Status:
To qualify as a Maharatna, a company must meet the following conditions:
- Hold Navratna Status: The company must have already attained Navratna status.
- Stock Exchange Listing: The company must be listed on the Indian stock exchange with the minimum public shareholding as per Securities and Exchange Board of India (SEBI) regulations.
- Profitability: It should have an average annual net profit after tax of over Rs. 5,000 crore over the last three years.
- Turnover or Net Worth: The company must meet one of the following financial benchmarks:
- An average annual turnover of Rs. 25,000 crore over the past three years, or
- An average annual net worth of Rs. 15,000 crore for three consecutive years.
- Global Presence: The company should have a significant international presence or operate globally.
These criteria ensure that Maharatna companies are financially robust, operationally autonomous, and capable of making significant decisions without requiring government approval.
Maharatna Companies In India List
With HAL’s elevation, India now boasts 14 Maharatna PSUs, including major entities like BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, Oil India, REC, PFC, and HAL.
