The Union Finance Minister Smt. Nirmala Sitharaman has granted Maharatna status to Oil India Limited, while ONGC Videsh has been accorded the status of Navratna. Both the PSU fall under the control of Ministry of Petroleum and Natural Gas.
This was announced with two separate tweets from Department of Public Enterprises, Government of India, today.
The first tweet said “Hon’ble Finance Minister approved upgradation of Oil India Ltd (OIL) to Maharatna CPSE. OIL will be the 13th Maharatna amongst the CPSEs. OIL is a M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 41,039 crores and net profit of Rs 9854 crores for the YEAR 2022-23”
The second tweet read as “Hon’ble Finance Minister has approved the upgradation of ONGC Videsh Ltd (OVL) to Navratna CPSE. OVL will be 14th Navratna amongst the CPSEs. It is a M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 11,676 crores and net profit of Rs 1700 crores for the YEAR 2022-23”