HAL upgraded to ‘Maharatna’ status
With HAL’s elevation, India now boasts 14 Maharatna PSUs
Hindustan Aeronautics Limited (HAL) has been granted the prestigious status of Maharatna Central Public Sector Enterprise (CPSE). The announcement was made on October 12 by the Department of Public Enterprises via a post on X (formerly Twitter), following approval from Finance Minister Nirmala Sitharaman.
This upgrade was recommended by two high-level committees: the Inter-Ministerial Committee (IMC), chaired by the Finance Secretary, and the Apex Committee, led by the Cabinet Secretary.
Hon’ble Finance Minister has approved the upgradation of Hindustan Aeronautics Limited (HAL) to 14th #Maharatna CPSE. The proposal has earlier been recommended by Inter-Ministerial Committee (IMC) headed by Finance Secretary and Apex Committee headed by Cabinet Secretary. HAL is… pic.twitter.com/xBR18okU74— Department of Public Enterprises (@DPE_GoI) October 12, 2024
HAL, which operates under the Department of Defence Production (DoDP), reported a turnover of Rs 28,162 crore and a net profit of Rs 7,595 crore for the financial year 2023-24. As the 14th company to receive the Maharatna status, HAL will benefit from enhanced operational autonomy and greater financial powers.
The most recent company to be awarded the Maharatna status was Oil India, which received the designation in August 2023.
With HAL’s elevation, India now boasts 14 Maharatna PSUs, including major entities like BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, Oil India, REC, PFC, and HAL.
To be eligible for Maharatna status, a company must meet rigorous financial criteria: an average turnover of over Rs 25,000 crore, an average annual net worth exceeding Rs 15,000 crore, and an average annual net profit of more than Rs 5,000 crore over the past three years.
