List of Maharatna Companies in India

Maharatna companies in India are the leading organisations working closely with the Indian government. They comprise different types of government-owned enterprises, including businesses like PSU banks and national-level and state-level enterprises.

Maharatna companies have a great deal of autonomy when it comes to financial and operational matters. Hence, they can compete with global businesses and expand their footprint internationally. Mahratna companies also have permission to invest 15% of their worth in a project they deem feasible without requiring any authorisation from the respective government.

In this article, we will understand what constitutes a Maharatna company, the list of Maharatna companies in India, their features and eligibility criteria, and why they are crucial for the nation.

• Maharatna companies are granted considerable financial and operational autonomy, allowing them to make swift decisions and compete on a global level.
• India has a total of 13 Maharatna companies that operate in various critical sectors, such as infrastructure, energy, oil, and gas.
• To qualify as a Maharatna, a company must already hold Navratna status, be publicly traded, have significant turnover and net worth, and possess a strong international presence.
• Maharatna companies have a well-established global presence. They play a crucial role in both national and international markets, driving India's growth and development.

India comprises 13 Maharatna companies, which have been granted significant autonomy by the Indian government to conduct their operational and financial decisions independently.

These companies are leaders in their respective sectors; hence the name Maharatna, which means a precious jewel. These companies have a lot of influence nationally and globally and play a crucial role in India's infrastructure development, energy production, and other key areas of the economy.

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Given below is a brief outline of the 13 Maharatnas of India:

1) Bharat Heavy Electricals Limited (BHEL)

BHEL is a global powerhouse that deals with a wide range of products, ranging from transportation and power supply to oil, gas, defence, aerospace, EV, and much more. Its chief aim is to make India self-reliant, and the company widely promotes social causes like environment conservation, cleanliness, literacy, and upskilling of youth.

2) Bharat Petroleum Corporation Limited (BPCL)

BPCL, founded in 1952, is a Maharatna company that produces oil and gas, refines crude oil, and markets various petroleum products for industrial and commercial use. It also provides fuel services and markets brands such as Bharat Gas, Mak, and Speed.

3) GAIL India Limited (GAIL)

GAIL, established in 1984, operates a widespread network of LPG and natural gas pipelines, processing plants, and petrochemical projects across the country. It is also involved in renewable energy projects and has a presence in many countries worldwide.

4) Coal India Limited (CIL)

This Maharatna company is involved in the mining and production of coal and different coal-based products. These products are employed in different sectors like cement, ceramics, fertiliser, glass, chemicals, and power generation.

Its subsidiaries include Bharat Coking Coal Limited (BCCL), South Eastern Coalfields Limited (SECL), Mahanadi Coalfields Limited (MCL), Western Coalfields Limited (WCL), and Central Coalfields Limited (CCL).

5) Hindustan Petroleum Corporation Limited (HPCL)

HPCL was established in 1974 and is an energy company that refines crude oil, transports petroleum products, manufactures ethanol, and generates electricity. It also provides storage facilities for LPG, service stations for the aviation industry, terminals, and pipelines.

6) Steel Authority of India Limited (SAIL)

SAIL manufactures iron and steel products, such as angles, billets, blooms, channels, coal chemicals, joists, pig iron, and wheels, for different industries. It also manufactures cold-rolled stainless and hot-rolled carbon steel products, rebars, wire rods, bars, HRPO, CR coils, GC sheets, coal, and petrochemicals.

7) National Thermal Power Corporation (NTPC)

NTPC, formed in 1975, is a generator and wholesale seller of electricity to power utility companies in different states. It produces electricity using liquid fuel, gas, coal, and many other renewable sources. NTPS also provides consultancy services and is involved in rural electrification, power trading, coal mining, and related projects.

8) Rural Electrification Corporation Limited (REC)

REC Limited provides interest-bearing loans tailored to different segments of the power infrastructure sector. Its financial offerings include short-term, medium-term, and long-term loans, along with equity financing, debt refinancing, and funding for coal mines and equipment manufacturing. Additionally, REC offers financing against regulatory assets and a revolving bill payment facility.

9) Power Finance Corporation (PFC)

Established in 1986, this is an Indian NBFC that helps the power sector with financial assistance in the form of short-term or long-term loans, lease financing, corporate loans, etc.

It also provides non-fund products like deferred payment guarantees, comfort letters, and performance guarantees for fuel supply contracts.

10) Power Grid Corporation of India Limited

This Maharatna enterprise is involved in the operation and maintenance of large-scale smart grids, transmission, and telecom services, with a transmission capacity of 5,27,446 MVA. It deploys the latest technologies for the planning and coordination of transmission networks across India.

11) Indian Oil Corporation Limited (IOCL)

Indian Oil Corporation Limited (IOCL) was set up in 1959 and is a comprehensive oil and gas company that explores, produces, and refines these resources. The company functions through refining crude oil, pipeline transportation, and marketing of natural gas and different petroleum products. The product line includes jet fuel, high-speed diesel, heavy fuel oil, LPG, gasoline, bitumen, naphtha, greases, and lubricants.

12) Oil & Natural Gas Corporation Limited (ONGC)

As India's largest natural gas and crude oil producer, ONGC is responsible for meeting almost 71% of our country's domestic requirements. It also produces diesel, petrol, naphtha, cooking gas, and LPG through its different subsidiaries, such as BPCL, HPCL, IOC, and MRPL.

13) Oil India Limited (OIL)

OIL, established in 1959, explores and produces oil and natural gas. The organisation also undertakes various developmental works, such as drilling, 2D and 3D data acquisition and analysis, seismic and geodetic work, and the running and operation of a 1,157-km-long crude oil trunk pipeline, which is completely automated.

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The following features are met by the list of Maharatna companies mentioned above:

1. Financial independence

Since the government has granted Maharatna companies financial autonomy, they can make decisions more swiftly and efficiently regarding investments and growth.

2. Authorised to make decisions

These enterprises are at the top of their respective sectors and have greater freedom to make long-term strategic decisions leading to innovation and development.

3. Greater scope of investment

Given their status as Maharatna companies, they have great credibility and can take on large-scale projects.

4. Borrowing privileges

Owing to their status, they can borrow funds from banks and financial institutions without seeking approval from the government every time.

5. Global presence

The Maharatna companies have a well-established network worldwide and conduct business on a global scale, benefiting India's economy while achieving world-class standards.

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A company must meet the following criteria to gain the coveted status of a Maharatna:

• The company should already have a Navratna status.
• It should be a publicly traded company and meet the minimum required public shareholding criteria set by SEBI.
• The enterprise must have an average annual turnover exceeding Rs. 25 thousand crores during the last three years.
• The net worth of the company should be at least Rs. 15 thousand crores over the last three years.
• The company should have a strong international presence and operate successfully. 

Maharatna companies play a huge part in India's growth story as they are the chief drivers of economic growth and developmental projects in the country. Their robust nature and the sheer size of operations impact various sectors of the economy, like infra, energy, oil and gas, and beyond. Through their sustained efforts, the list of Maharatna companies mentioned above continues to pave the way for a stronger and more prosperous India.