Navratna

Navratna was the title given originally to nine Public Sector Enterprises (PSEs) identified by the Government of India in 1997 as "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".[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:

Contents

Historical symbolism

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 can now decide on investments of up to 15 per cent of their net worth in a project; the Navaratna companies could invest up to Rs 1,000 crore without explicit government approval.

Criteria

The six criteria for eligibility as Maharatna are:

  1. Having Navratna status.
  2. Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
  3. An average annual turnover of more than Rs. 20,000. [4]crore during the last 3 years. Earlier it was Rs 25,000 Crore. [5]
  4. An average annual net worth of more than Rs. 10,000[6] crore during the last 3 years. Earlier it was Rs. 15,000 crore. [7]
  5. An average annual net profit after tax of more than Rs. 2500 crore during the last 3 years. Earlier it was Rs. 5000 crore. [8]
  6. Should have significant global presence/international operations.[9]

List of Maharatna

  1. Coal India Limited [10]
  2. Indian Oil Corporation Limited [11]
  3. NTPC Limited [12]
  4. Oil and Natural Gas Corporation Limited [13]
  5. Steel Authority of India Limited

Navratna status

Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as having comparative advantages, which allowed them greater autonomy to compete in the global market.[14] The number of PSEs having Navratna status has been raised to 16,[15] The government is likely to accord the coveted status to Engineers India Limited, which is under consideration.

List of Navratnas

  1. Bharat Electronics Limited
  2. Bharat Heavy Electricals Limited
  3. Bharat Petroleum Corporation Limited
  4. GAIL (India) Limited
  5. Hindustan Aeronautics Limited
  6. Hindustan Petroleum Corporation Limited
  7. Mahanagar Telephone Nigam Limited
  8. National Aluminium Company Limited
  9. National Mineral Development Corporation Limited
  10. Neyveli Lignite Corporation Limited
  11. Oil India Limited
  12. Power Finance Corporation Limited
  13. Power Grid Corporation of India Limited
  14. Rashtriya Ispat Nigam Limited
  15. Rural Electrification Corporation Limited
  16. Shipping Corporation of India Limited

Miniratna 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 67 government enterprises that were awarded Miniratna status.

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.

  1. Projects & Development india limited
  2. Airports Authority of India
  3. Antrix Corporation Limited
  4. Balmer Lawrie & Co. Limited
  5. Bharat Dynamics Limited
  6. BEML Limited
  7. Bharat Sanchar Nigam Limited
  8. Bridge & Roof Company (India) Limited
  9. Central Warehousing Corporation
  10. Central Coalfields Limited
  11. Chennai Petroleum Corporation Limited
  12. Cochin Shipyard Limited
  13. Container Corporation of India Limited
  14. Dredging Corporation of India Limited
  15. Engineers India Limited
  16. Ennore Port Limited
  17. Garden Reach Shipbuilders & Engineers Limited
  18. Goa Shipyard Limited
  19. Hindustan Copper Limited
  20. HLL Lifecare Limited
  21. Hindustan Newsprint Limited
  22. Hindustan Paper Corporation Limited
  23. Housing and Urban Development Corporation
  24. India Tourism Development Corporation
  25. Indian Railway Catering and Tourism Corporation
  26. IRCON International Limited
  27. Kudremukh Iron Ore Company Limited.
  28. Mazagaon Dock Limited
  29. Mahanadi Coalfields Limited
  30. Manganese Ore (India) Limited
  31. Mangalore Refinery and Petrochemicals Limited
  32. Mishra Dhatu Nigam Limited
  33. Minerals and Metals Trading Corporation of India
  34. MSTC Limited
  35. National Fertilizers Limited
  36. National Seeds Corporation Limited
  37. NHPC Limited
  38. Northern Coalfields Limited
  39. Numaligarh Refinery Limited
  40. ONGC Videsh Limited
  41. Pawan Hans Helicopters
  42. Rashtriya Chemicals & Fertilizers Limited
  43. RITES Limited
  44. Satluj Jal Vidyut Nigam
  45. Security Printing and Minting Corporation of India Limited
  46. South Eastern Coalfields Limited
  47. State Trading Corporation of India Limited
  48. Tehri Hydro Development Corporation Limited
  49. Telecommunications Consultants (India) Limited
  50. Western Coalfields Limited
  51. Water & Power Consultancy (India) Limited

[16]

See also

References

  1. ^ Original govt. announcement about the Navratnas 1997
  2. ^ http://dpe.nic.in/newsite/navmini.htm
  3. ^ "Maharatna status for mega PSUs gets nod". The Times of India. 25 December 2009. http://timesofindia.indiatimes.com/biz/india-business/Maharatna-status-for-mega-PSUs-gets-nod/articleshow/5375541.cms. Retrieved 29 December 2009. 
  4. ^ "Govt relaxes norms for according Maharatna status". The Times Of India. http://articles.economictimes.indiatimes.com/2011-03-18/news/29141848_1_maharatna-status-public-sector-companies-average-annual-turnover. 
  5. ^ http://www.deccanherald.com/content/147330/centre-relaxes-norms-maharatna-status.html
  6. ^ "Govt relaxes norms for according Maharatna status". The Times Of India. http://articles.economictimes.indiatimes.com/2011-03-18/news/29141848_1_maharatna-status-public-sector-companies-average-annual-turnover. 
  7. ^ http://www.deccanherald.com/content/147330/centre-relaxes-norms-maharatna-status.html
  8. ^ http://www.deccanherald.com/content/147330/centre-relaxes-norms-maharatna-status.html
  9. ^ http://pib.nic.in/newsite/erelease.aspx?relid=56449
  10. ^ Coal India gets Maharatna tag - Economic Times Article
  11. ^ 5 PSUs get maharatna status - Indianexpress
  12. ^ 4 PSUs get maharatna status - Indianexpress
  13. ^ 4 PSUs get maharatna ]status - Indianexpress]
  14. ^ Original govt. announcement about the Navratnas 1997
  15. ^ http://dpe.nic.in/newsite/navmini.htm
  16. ^ http://www.indiatradefair.com/

External links