The Finance Ministry has approved upgradation of the Oil India Limited (OIL) to the category of ‘Maharatna’ Central Public Sector Enterprises (CPSE).

With this decision of the government, there are now a total of 13 ‘Maharatna’ CPSEs in the country.

According to the information available on the website of the Department of Public Enterprises, Bharat Heavy Electricals Limited (BHEL), Bharat Petroleum Corporation Limited (BPCL), Coal India Limited, GAIL India Limited, Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited, NTPC Limited, Oil & Natural Gas Corporation Limited (ONGC), Power Finance Corporation, Power Grid Corporation of India Limited, Rural Electrification Corporation Limited and Steel Authority of India Limited (SAIL) are already included in this list.

Informing about the upgradation, the Department of Public Enterprises took to their official Twitter handle on Thursday saying, “Union Finance Minister approved upgradation of Oil India Ltd (OIL) to ‘Maharatna’ Central Public Sector Enterprises (CPSE). OIL will be the 13th Maharatna amongst the CPSEs. OIL is an 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.”