Maharatna status

In 2010, 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

As on 21 July , 2014 there are 7 Maharatna, 16 Navratna and 71 Miniratna CPSE's.[3]

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

Maharatna
o Three years with an average annual net profit of over Rs. 2500 crore (earlier was
5,000 Cr)
o Average annual Net worth of Rs. 10,000 crore for 3 years (earlier was 15,000 Cr)
o Average annual Turnover of Rs. 20,000 crore for 3 years (earlier was 25,000 Cr)
Navratna
o 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.
o 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
o 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
o 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 [4]

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

List of Navratna

1. Engineers India Limited

2. Bharat Electronics Limited
3. Bharat Petroleum Corporation Limited
4. Hindustan Aeronautics Limited
5. Hindustan Petroleum Corporation Limited
6. Mahanagar Telephone Nigam Limited
7. National Aluminium Company Limited
8. National Mineral Development Corporation Limited
9. Neyveli Lignite Corporation Limited
10. Oil India Limited
11. Power Finance Corporation Limited
12. Container Corporation of India Limited
13. National Buildings Construction Corporation Limited
14. Power Grid Corporation of India Limited
15. Rashtriya Ispat Nigam Limited
16. Rural Electrification Corporation Limited
17. 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

1. Dredging Corporation of India

2. Ennore Port
3. Garden Reach Shipbuilders & Engineers
4. Goa Shipyard
5. Hindustan Copper Limited
 6. HLL Lifecare Limited
7. Hindustan Newsprint Limited
8. Hindustan Paper Corporation Limited
9. Housing and Urban Development Corporation
10. India Tourism Development Corporation
11. Indian Railway Catering and Tourism Corporation
12. IRCON International Limited
13. Kudremukh Iron Ore Company Ltd.
14. Mazagon Dock Limited
15. Mahanadi Coalfields Limited
16. MOIL Limited
17. Mishra Dhatu Nigam Limited
18. MMTC Ltd
19. MSTC Limited
20. National Fertilizers Limited
21. National Seeds Corporation Limited
22. NHPC Limited
23. Northern Coalfields Limited
24. North Eastern Electric Power Corporation Limited
25. Numaligarh Refinery Limited
26. ONGC Videsh Limited
27. Pawan Hans Helicopters Limited
28. Projects and Development India Limited
29. Railtel Corporation of India Limited
30. Rashtriya Chemicals & Fertilizers Limited
31. RITES Limited
32. SJVN Limited (Nathpa Jhakri Dam)
33. Security Printing and Minting Corporation of India Limited
34. South Eastern Coalfields Limited
35. State Trading Corporation of India Limited
36. Telecommunications Consultants India Limited
37. THDC Ltd
38. Western Coalfields Limited
39. Water and Power Consultancy Services Limited

List of Miniratna-II

1. Bharat Pumps & Compressors Limited

2. Broadcast Engineering Consultants India Limited
3. Central Mine Planning and Design Institute Limited
4. Central Railside Warehouse Company Limited
5. Educational Consultants India Limited
6. Engineering Projects (I) Limited
7. FCI Aravali Gypsum and Minerals (India) Limited
8. Ferro Scrap Nigam Limited
9. HMT Limited International
10. HSCC (India) Limited
11. India Trade Promotion Organization
12. Indian Medicines Pharmaceuticals Corporation Limited
13. MECON Limited
14. Mineral Exploration Corporation Limited
15. National Film Development Corporation of India
16. National Small Industries Corporation Limited
17. P E C Limited
18. Rajasthan Electronics and Instruments Limited
19. Central Mine Planning and Design Institute