Hindustan Aeronautics Limited becomes 14th Maharatna company: Know its significance
Hindustan Aeronautics Limited (HAL), a leading Indian public sector undertaking (PSU), has been upgraded to a 'Maharatna' company by the Government of India. The announcement was made by the Department of Public Enterprises via its official account on X. HAL now joins an elite club, becoming the 14th Maharatna company in India.
Finance Minister approves HAL's Maharatna status
The Department of Public Enterprises confirmed Finance Minister Nirmala Sitharaman's approval for elevating HAL to Maharatna status. The decision was earlier recommended by an Inter-Ministerial Committee (IMC) headed by the Finance Secretary and an Apex Committee headed by the Cabinet Secretary. The announcement read, "Hon'ble Finance Minister has approved the upgradation of Hindustan Aeronautics Limited (HAL) to 14th #Maharatna CPSE."
Take a look at the official post
HAL's financial performance and autonomy
HAL, a Department of Defence Production (DoDP) CPSE, had an annual turnover of ₹28,162 crore and net profit of ₹7,595 crore for FY2023-24. With its new Maharatna status, the company will enjoy enhanced autonomy and strategic flexibility. It can now invest up to ₹5,000 crore or 15% of its net worth in a single project without government approval. Just like any other Maharatna company, HAL will have the flexibility to pursue mergers, acquisitions, and strategic investments, within India and globally.
Elite group of Maharatna companies
Besides HAL, the elite club of Maharatna companies include: National Thermal Power Corporation (NTPC) Ltd, Oil and Natural Gas Corporation (ONGC) Ltd, Steel Authority of India Limited (SAIL), Bharat Heavy Electricals Limited (BHEL), Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), and Coal India Limited (CIL). Also part of this group are: GAIL India Limited, Bharat Petroleum Corporation Limited (BPCL), Power Grid Corporation of India Limited, Power Finance Corporation (PFC), Rural Electrification Corporation (REC) Ltd., and Oil India.
