Maharatna/Nabaratna/Miniratna PSUs

What is PSUs

A state-owned enterprise in India is called a public sector undertaking (PSU) or a public sector enterprise. These companies are owned by the union government of India, or one of the many state or territorial governments, or both. The company stock needs to be majority-owned by the government to be a PSU. PSUs may be classified as Central Public Sector Enterprises (CPSEs), public sector banks (PSBs) or State Level Public Enterprises (SLPEs). CPSEs are administered by the Ministry of Heavy Industries and Public Enterprises.

Various PSUs have been awarded additional financial autonomy. These companies are “public sector companies that have comparative advantages”, giving them greater autonomy to compete in the global market so as to “support [them] in their drive to become global giants”.[8] Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997.[9] Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of Gupta emperor Vikramaditya and Mughal emperor Akbar, as the collective name for nine extraordinary courtiers at their respective courts.

In 2010, the government established the higher Maharatna category, which raises a company’s investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore.[10] The Maharatna firms can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to Rs 1,000 crore without explicit government approval. Two categories of “Miniratnas” afford less extensive financial autonomy.

Guidelines for awarding ratna status are as follow:

    Maharatna Navratna Miniratna Category-I

Miniratna Category-II

Eligibility   Three years with an average annual net profit of over Rs. 2500 crore, OR

Average annual Net worth of Rs. 10,000 crore for 3 years, OR Average annual Turnover of Rs. 20,000 crore for 3 years

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., AND

A company must first be a Miniratna and have 4 independent directors on its board before it can be made a Navratna.

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 Have made profits continuously for the last three years and should have a positive net worth.
Benefits for investment  

Rs. 1,000 crore – Rs. 5,000 crore, or free to decide on investments up to 15% of their net worth in a project

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). up to Rs. 500 crore or equal to their net worth, whichever is lower.

up to Rs. 300 crore or up to 50% of their net worth, whichever is lowe

Maharatna Companies

The Government had introduced the Maharatna scheme, in 2009. The main objective of the Maharatna Scheme is to empower mega CPSEs to expand their operations and emerge as global giants. The introduction to Maharatna Scheme, the Department of Public Enterprises has achieved one of the three tasks identified to be completed within first 100 days programme in respect of their Department.

Eligibility criteria and procedure for grant of Maharatna status

The CPSEs meeting the following eligibility criteria are proposed to be considered for Maharatna status:

  1. a) Having Navratna status
    b) Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations
    c) An average annual turnover of more than Rs.25,000 crore during the last 3 years
    d) An average annual net worth of more than Rs.15,000 crore during the last 3 years
    e) An average annual net profit after tax of more than Rs.5,000 crore during the last 3 years
    f) Should have significant global presence/international operations

The procedure for grant of Maharatna status as well as their review is proposed to be similar to that in vogue for the grant of Navratna status. The introduction of the above scheme will not entail any additional expenditure on the part of the Government.

List Of Maharatna PSUs

Name of Company Recruitment Procedure Website Link
Coal India Limited GATE
Indian Oil Corporation Limited GATE
Oil & Natural Gas Corporation Limited (ONGC) GATE
Steel Authority of India Limited (SAIL)
GAIL (India) Limited GATE
Bharat Heavy Electrical Limited (BHEL) GATE

Source : Press information Bureau’s website.

Navratna Companies

The Government had introduced the Navratna scheme, in 1977, to identify Central Public Sector Enterprises (CPSEs) that had comparative advantages and to support them in their drive to become global giants. 

Eligibility criteria and procedure for grant of Maharatna status

The Boards of Navratna CPSEs have been delegated powers in the areas of:

(i) capital expenditure, 
(ii) investment in joint ventures / subsidiaries, 
(iii) mergers & acquisitions, 
(iv) human resources management, etc.

The current criteria for grant of Navratna status are size neutral. Over the years, some of the Navratna companies have grown very big and have considerably larger operations than their peers. It was felt that these CPSEs which are at the higher end of the Navratna category and have potential to become Indian Multinational Companies (MNCs), can be recognized as a separate class, i.e. ‘Maharatna’. The proposed higher category will act as an incentive for other Navratna companies, provide brand value and facilitate delegation of enhanced powers to CPSEs.

List of Navratna PSUs

Name of Company Recruitment Procedure Website Link
Bharat Electronics Limited (BEL-India) GATE
Bharat Petroleum Corporation Limited (BPCL) GATE
HAL india
Hindustan Petroleum Corporation Limited HPCL GATE
MTNL (mahanagar telecom limited)
National Aluminium Company Limited
NMDC Limited
Neyveli Lignite Corporation Limited GATE
Oil India Limited
Power Finance Corporation Limited
power grid corporation GATE
Rashtriya Ispat Nigam Limited
Rural Electrification Corporation Limited
Shipping Corporation of India Limited

Source : Press information Bureau’s website.

Miniratna Companies

In October 1997, the Government decided to grant enhanced autonomy and delegation of financial powers to some other profit making companies (other than the Navratnas) subject to certain eligibility conditions and guidelines to make them efficient and competitive. These categories were Category I and Category II


Category I CPSEs should have made profit in the last three years continuously, the pre-tax profit should have been Rs. 30 crore or more in at least one of the three years and should have a positive net worth.

List of Miniratna PSUs:

Miniratna Category – I CPSEs

  • Airports Authority of India
  • Antrix Corporation Limited
  • Balmer Lawrie & Co. Limited
  • Bharat Coking Coal Limited
  • Bharat Dynamics Limited
  • BEML Limited
  • Bharat Sanchar Nigam Limited
  • Bridge & Roof Company (India) Limited
  • Central Warehousing Corporation
  • Central Coalfields Limited
  • Chennai Petroleum Corporation Limited
  • Cochin Shipyard Limited
  • Dredging Corporation of India Limited
  • Kamarajar Port Limited
  • Garden Reach Shipbuilders & Engineers Limited
  • Goa Shipyard Limited
  • Hindustan Copper Limited
  • HLL Lifecare Limited
  • Hindustan Newsprint Limited
  • Hindustan Paper Corporation Limited
  • Housing & Urban Development Corporation Limited
  • HSCC (India) Limited
  • India Tourism Development Corporation Limited
  • Indian Rare Earths Limited
  • Indian Railway Catering & Tourism Corporation Limited
  • Indian Renewable Energy Development Agency Limited
  • India Trade Promotion Organization
  • IRCON International Limited
  • KIOCL Limited
  • Mazagaon Dock Limited
  • Mahanadi Coalfields Limited
  • Manganese Ore (India) Limited
  • Mangalore Refinery & Petrochemical Limited
  • Mishra Dhatu Nigam Limited
  • MMTC Limited
  • MSTC Limited
  • National Fertilizers Limited
  • National Small Industries Corporation Limited
  • National Seeds Corporation
  • NHPC Limited
  • Northern Coalfields Limited
  • North Eastern Electric Power Corporation Limited
  • Numaligarh Refinery Limited
  • ONGC Videsh Limited
  • Pawan Hans Helicopters Limited
  • Projects & Development India Limited
  • Railtel Corporation of India Limited
  • Rail Vikas Nigam Limited
  • Rashtriya Chemicals & Fertilizers Limited
  • RITES Limited
  • SJVN Limited
  • Security Printing and Minting Corporation of India Limited
  • South Eastern Coalfields Limited
  • State Trading Corporation of India Limited
  • Telecommunications Consultants India Limited
  • THDC India Limited
  • Western Coalfields Limited
  • WAPCOS Limited

Miniratna Category-II CPSEs

  • Bharat Pumps & Compressors Limited
  • Broadcast Engineering Consultants (I) Limited
  • Central Mine Planning & Design Institute Limited
  • Central Railside Warehouse Company Limited
  • Ed.CIL (India) Limited
  • Engineering Projects (India) Limited
  • FCI Aravali Gypsum & Minerals India Limited
  • Ferro Scrap Nigam Limited
  • HMT (International) Limited
  • Indian Medicines & Pharmaceuticals Corporation Limited
  • MECON Limited
  • Mineral Exploration Corporation Limited
  • National Film Development Corporation Limited
  • PEC Limited
  • Rajasthan Electronics & Instruments Limited