NEW DELHI: The Finance Ministry has approved the upgradation of Oil India to the category of ‘Maharatna’, a move which will impart enhanced powers to the OIL board while taking financial decisions.
Post the upgrade, it has become India’s 13th Maharatna Central Public Sector Enterprises (CPSE), joining the likes of BHEL, BPCL, HPCL, SAIL and NTPC. It has also approved the upgradation of ONGC Videsh Ltd (OVL) to Navratna CPSE.
OVL will be 14th Navratna amongst the CPSEs. ONGC Videsh is a wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC).