Hindustan Aeronautics Limited (HAL) has officially been awarded Maharatna Central Public Sector Enterprise (CPSE) status by the Department of Public Enterprises, as announced on October 12, 2024, via a post on X (formerly Twitter). This prestigious upgrade comes with the approval of Union Finance Minister Nirmala Sitharaman, following recommendations from two high-level committees: the Inter-Ministerial Committee (IMC) led by the Finance Secretary and the Apex Committee chaired by the Cabinet Secretary.
For the financial year 2023-24, HAL reported an impressive annual turnover of Rs 28,162 crore and a net profit of Rs 7,595 crore. The Maharatna status will significantly enhance HAL’s operational autonomy and financial capabilities, allowing for greater independence in decision-making.
Prior to HAL, the most recent company to receive Maharatna status was Oil India, awarded in August 2023. Other notable Maharatna PSUs include BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, REC, and PFC.
To qualify for Maharatna status, a company must meet stringent criteria, including an average turnover exceeding Rs 25,000 crore, an average annual net worth of over Rs 15,000 crore, and an average annual net profit of more than Rs 5,000 crore over the last three years. This status allows PSUs to incur capital expenditures on new purchases or replacements without any monetary limit, promoting independence from government budgetary support or guarantees.
In comparison, Navratna status provides enhanced financial and operational freedom, permitting companies to invest up to Rs 1,000 crore or 15 percent of their net worth in a single project without prior government approval.
