HAL updated to âMaharatnaâ condition
With HAL’s altitude, India currently flaunts 14 Maharatna PSUs
Hindustan Aeronautics Limited (HAL) has actually been given the distinguished condition of Maharatna Central Public Sector Enterprise (CPSE). The news was made on October 12 by the Department of Public Enterprises using a message on X, complying with authorization from Finance Minister Nirmala Sitharaman.
This upgrade was advised by 2 top-level boards: the Inter-Ministerial Committee (IMC), chaired by the Finance Secretary, and the Apex Committee, led by the Cabinet Secretary.
Hon’ ble Finance Minister has actually accepted the upgradation of Hindustan Aeronautics Limited (HAL) to 14th #Maharatna CPSE. The proposition has actually previously been advised by Inter-Ministerial Committee (IMC) headed by Finance Secretary and Apex Committee headed byCabinet Secretary HAL is … pic.twitter.com/xBR18okU74— Department of Public Enterprises (@DPE_GoI) October 12, 2024
HAL, which runs under the Department of Defence Production (DoDP), reported a turn over of Rs 28,162 crore and a web earnings of Rs 7,595 crore for the fiscal year 2023-24.
With Maharatna’s condition, HAL will certainly gain from boosted functional freedom and higher monetary power.
The latest business to be granted the Maharatna condition was Oil India, which got the classification in August 2023.
What Is Maharatna Status?
The Government of India categorizes Central Public Sector Enterprises (CPSEs) right into 3 groups–Maharatna, Navratna, and Miniratna– based upon details qualification requirements.
In India, Public Sector Undertakings (PSUs) are categorised based upon their non-financial goals and are signed up under Section 8 of the Companies Act, 2013 (previously Section 25 of the Companies Act, 1956).
The Maharatna classification was presented in 2010 to identify and award high-performing PSUs.
Eligibility Criteria for Maharatna Status:
To certify as a Maharatna, a business needs to satisfy the list below problems:
- Hold Navratna Status: The business needs to have currently acquired Navratna condition.
- Stock Exchange Listing: The business needs to be noted on the Indian stock market with the minimal public shareholding based on Securities and Exchange Board of India (SEBI) guidelines.
- Profitability: It ought to have an ordinary yearly internet earnings after tax obligation of overRs 5,000 crore over the last 3 years.
- Turnover or Net Worth: The business needs to satisfy among the complying with monetary criteria:
- An ordinary yearly turn over ofRs 25,000 crore over the previous 3 years, or
- An ordinary yearly total assets ofRs 15,000 crore for 3 successive years.
- Global Presence: The business needs to have a considerable worldwide existence or run worldwide.
These requirements make sure that Maharatna business are monetarily durable, operationally independent, and with the ability of making considerable choices without calling for federal government authorization.
Maharatna Companies In India List
With HAL’s altitude, India currently flaunts 14 Maharatna PSUs, consisting of significant entities like BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, Oil India, REC, PFC, and HAL.
