Maharatna, Navratna, Miniratna

What are Maharatna in India?

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. The Maharatna firms would now be free to decide on investments up to 15 per cent of their net worth in a project.

Earlier, the Navaratna companies could invest up to Rs 1,000 crore without government approvals.

Criteria for Maharatna

In order to qualify as a Maharatna, a company must have:

  • Three years with an annual net profit of over Rs.2500 crore
  • Net worth of Rs. 10,000 crore
  • Turnover of Rs. 20,000 crore

What are Navratna in India?

The Navratna status is offered to PSEs, which gives a company enhanced financial and operational autonomy and empowers it to invest up to Rs. 1000 crore or 15% of their net worth on a single project without seeking government approval. In a year, these companies can spend up to 30% of their net worth not exceeding Rs. 1000 cr. They will also have the freedom to enter joint ventures, form alliances and float subsidiaries abroad.

Criteria for Navratna 

Navratna status is conferred by Department of Public Enterprises. To be qualified as a Navratna, the company must obtain a score of 60 (out of 100). The score is based on six parameters which include net profit to net worth, total manpower cost to total cost of production or cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes) to capital employed, PBDIT to turnover, EPS (Earning Per Share) and inter-sectoral performance. Additionally, a company must first be a Miniratna and have four independent directors on its board before it can be made a Navratna.

What are Miniratnas in India?

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 41 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.

Category II

This category include those PSEs which have made profits for the last three years continuously and should have a positive net worth. Category II miniratnas have autonomy to incurring the capital expenditure without government approval up to Rs. 300 crore or up to 50% of their net worth whichever is lower.

List of Maharatna, Navratna and Miniratna CPSEs

As per available information (as on 15th April, 2011)

Maharatna CPSEs

  1. Coal India Limited
  2. Indian Oil Corporation Limited
  3. NTPC Limited
  4. Oil & Natural Gas Corporation Limited
  5. Steel Authority of India Limited

Navratna CPSEs

  1. Bharat Electronics Limited
  2. Bharat Heavy Electrical 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. NMDC 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 Category – I CPSEs

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

 Miniratna Category-II CPSEs

49. Bharat Pumps & Compressors Limited
50. Broadcast Engineering Consultants (I) Limited
51. Central Mine Planning & Design Institute Limited
52. Ed.CIL (India) Limited
53. Engineering Projects (India) Limited
54. Ferro Scrap Nigam Limited
55. HMT (International) Limited
56. HSCC (India) Limited
57. India Trade Promotion Organisation
58. Indian Medicines & Pharmaceuticals Corporation Limited
59. M E C O N Limited
60. National Film Development Corporation Limited
61. National Small Industries Corporation Limited
62. P E C Limited
63. Rajasthan Electronics & Instruments Limited

53 thoughts on “Maharatna, Navratna, Miniratna”

  1. thanx u sir . . . 2 gv us dese informations about our indian categories of companies . . .nd we hope dat u will gv us more updates. . .thanx nd al d best.

  2. thanx a lot …. good work… compilation of essential information in reader friendly mode without unnecessary jargon…

  3. you should update the info regarding mahartna, navratna, miniratna, so that iI can relay on the info, by the way good work sir. like it.

    1. You can rely on this information as there has not been any changes in the criteria. For the list of company, I agree, it may or may not be obsolete.

      In any case, I do not think, I will be able to update it sooner. If you have information that you think needs to be updated, mail me the information using Contact page. And I will try to incorporate the changes required.

  4. In lay man terms, could u please explain as to how do we arrive at the net worth figure and what do u mean by turnover?

  5. thanks sir.
    but may you give me more information about it as :-
    1) logo
    2) how it became
    3) history
    and etc

    1. Hi Satish,

      It is an old post. I am now not looking forward to do any further updates on this. If you need this information, I would recommend to check Mrunal’s website. He may be able to help.

  6. sir, what r the benefits for employee working in miniratna companies when compared to other ordinary government companies like banks?

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