Navratna

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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 was the title given originally to 9 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]

PSU companies are divided into three categories:

  • Maharatna
  • Navratna
  • Miniratna CPSEs
    • Category I
    • Category II

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.[2] 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.

Current Financial Autonomy Status

There are currently 7 Maharatnas, 14 Navratnas and 54 Miniratnas-I and 18 Miniratna-II.

There are multiple factors and criteria for granting 'ratna' status. However, major criteria of awarding status are:

  • Maharatna
    • Three years with an annual net profit of over Rs. 5000 crore
    • Average annual Net worth of Rs. 15,000 crore for 3 years
    • Average annual Turnover of Rs. 25,000 crore for 3 years
  • Navratna
    • A score of 60 (out of 100), based on six parameters which include net profit, net worth, total manpower cost, total cost of production, cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes), capital employed, etc.
    • A company must first be a Miniratna and have 4 independent directors on its board before it can be made a Navratna.
  • Miniratna Category-I
    • 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. 
  • Miniratna Category-II
    • Have made profits for the last three years continuously and should have a positive net worth.

The Categorisation entitles the company boards to do investments up to a limit (depending on the status) without seeking government permission.

  • Maharatna: up to Rs.1,000 crore - Rs. 5,000 crore, or free to decide on investments up to 15% of their net worth in a project.
  • Navratna: up to Rs. 1,000 crore or 15% of their net worth on a single project or 30% of their net worth in the whole year (not exceeding Rs. 1,000 crores).
  • Miniratna-I: up to Rs. 500 crore or equal to their net worth, whichever is lower.
  • Miniratna-II: up to Rs. 300 crore or up to 50% of their net worth, whichever is lower.

List of Maharatna

  1. Coal India Limited [3]
  2. Indian Oil Corporation [4]
  3. NTPC Limited [5]
  4. Steel Authority of India limited
  5. Bharat Heavy Electricals Limited[6]
  6. GAIL (India) Limited[6]
  7. Oil and Natural Gas Corporation [7]

List of Navratna[8]

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

List of Miniratna-I

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

List of Miniratna-II

  1. Bharat Pumps & Compressors Limited
  2. Broadcast Engineering Consultants India
  3. Central Mine Planning and Design Institute Limited
  4. Educational Consultants India Limited
  5. Engineering Projects (India) Limited
  6. FCI Aravali Gypsum and Minerals (India) Limited
  7. Ferro Scrap Nigam Limited
  8. HMT (International) Limited
  9. HSCC (India) Limited
  10. India Trade Promotion Organisation
  11. Indian Medicines & Pharmaceuticals Corporation Limited
  12. MECON Limited
  13. National Film Development Corporation
  14. National Small Industries Corporation
  15. PECC Limited
  16. Rajasthan Electronics and Instruments Limited
  17. Balmer Lawrie

See also

  • List of Public Sector Undertakings in India
  • Ministry of Heavy Industries and Public Enterprises

References

  1. ↑ Original govt. announcement about the Navratnas 1997
  2. ↑ "Maharatna status for mega PSUs gets nod". The Times of India. 25 December 2009. Retrieved 29 December 2009. 
  3. ↑ Coal India gets Maharatna tag - Economic Times Article
  4. ↑ 5 PSUs get maharatna status - Indianexpress
  5. ↑ 4 PSUs get maharatna status - Indianexpress
  6. ↑ 6.0 6.1 - Dept of Public Enterprises, Govt. of India
  7. ↑ http://www.thehindu.com/business/companies/maharatna-status-for-ioc-ongc-and-ntpc/article890235.
  8. ↑ http://dpe.nic.in/publications/list_of_maharatna_navratna-and_miniratna

External links

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