Maharatna Companies in India: Latest, Maharatna Company List 2022

By BYJU'S Exam Prep

Updated on: November 14th, 2023

Maharatna Companies in India were formed by the central government in 2010. India has its own establishments owned by the government, which are called Central Public Sector Enterprises (CPSEs). These enterprises are divided into three main categories based on their financial autonomy: Maharatna Company, Navratna Company, and Miniratna Company. The Maharatna companies list 2022 includes BHEL, BPCL, SAIL, GAIL, etc. Earlier, there were only 11 companies added to this list, but recently 12th company (REC Ltd) was added in September 2022.

The inception of these companies is rooted in the idea of providing companies with greater financial autonomy and helping them gain footing in the global market. At present, there are 12 Maharatna Companies in India. To know more about these companies, and the updated list of 2022, read the information below.

Maharatna Company

A Maharatna Company in India is one which is provided with status by the central government. These are the companies that already had the status of Navaratna Company. Maharatna Companies have greater financial and authoritative autonomy that helps them grow and compete at a global level. These companies also have greater freedom in choosing their investments. They can invest in a project to 15% of their net worth.

Maharatna Companies in India PDF

Maharatna Companies in India function with relative independence and do not have to seek the government’s approval for every decision. These companies have an investment ceiling of Rs. 5,000 crores as their operations function on a higher level. There are a total of 12 Maharatna companies in India. In 2021, Power Finance Corporation Limited became the 11th Maharatna Company after fulfilling all the requirements needed to become one. In 2022, REC Ltd became the 12th company to get the status of Maharatna in India.

12th Maharatna Company

The 12th Maharatna Company in India is the Non-Banking Finance Company (NBFC) REC Ltd, which was added to the list recently in September 2022. It provides them with greater autonomy and operational flexibility while taking decisions. The Rural Electrification Corporation Ltd (REC) was built in 1969 and worked on the power sector development and financing across India. The company has also contributed to some government flagship programmes, such as SAUBHAGYA and Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) schemes.

After being included in the list of Maharatna companies, the board of REC Ltd can engage in equity investment in the financial sector to conduct joint ventures and wholly owned subsidiaries along with acquisitions and mergers subject to a limit of 15% of the net worth of the company and upto Rs 5000 crores in one project. The company’s board can also formulate plans for the growth and professional development of human resources such as training, management, etc.

Check: How many Maharatna Companies in India?

Maharatna Companies Eligibility Criteria

All government-owned companies in India are established under the Companies Act, 2013. The Indian PSUs are set up under Section 8 of the same Act. They are categorised as Maharatna Company based on specified objectives that are both financial and non-financial in nature. The eligibility criteria an undertaking must satisfy to become a Maharatna Company are listed below.

  • It must have the Navratna Company status.
  • The company’s profit after the tax should be more than Rs. 5000 crores during the last three years.
  • It must be listed in the Indian Stock Market.
  • It must also have the prescribed public shareholding as per SEBI (Securities and Exchange Board of India) rules.
  • In the last three years, the company must have an average net worth of Rs. 15,000.
  • The company must have an international presence and global operations.

Maharatna Company Benefits

There are various benefits which the Maharatna Companies and their employees receive due to their status. These are some of the most important companies in the country. The various benefits of Maharatna companies in India are provided below.

  • There is an investment benefit provided to Maharatna Companies as well. They can invest up to Rs. Rs. 5,000 crores or 15% of their total net worth in a project as per their description.
  • The employees of a Maharatna Company are recognised as central government employees and are provided with the same perks and benefits such as pensions, etc.
  • The officers in these companies attain the status of Gazetted Officers at the higher levels.
  • These companies are internationally recognised and often participate in global projects.

Maharatna Companies in India 2022

There are 11 Maharatna companies in India as of October 2021. These companies have been given the Maharatna status for their various establishments and status globally. We have provided the list of Maharatna companies along with their founding years below.

List of Maharatna Companies in India
Founding Year Company Name
1964 Bharat Heavy Electricals Limited (BHEL)
1952 Bharat Petroleum Corporation Limited (BPCL)
1975 Coal India Limited (CIL)
1984 Gas Authority of India Limited (GAIL)
1974 Hindustan Petroleum Corporation Limited (HPCL)
1959 Indian Oil Corporation Limited (IOCL)
1975 National Thermal Power Corporation (NTPC)
1956 Oil and Natural Gas Corporation (ONGC)
1989 Power Grid Corporation of India
1954 Steel Authority of India Limited (SAIL)
1986 Power Finance Corporation

Maharatna Company List: Details

Each Maharatna Company in India is unique and has its specialised operations which make it successful. They all are crucial to the Indian economy and play an important role in the efficiency with which the country is run as well. To better understand Maharatna Companies, we have provided an overview of them below.

  • Bharat Heavy Electricals Limited: Popularly known as BHEL, it was founded in 1964 and is owned by the government. It is a power generation equipment manufacturer and works under the Ministry of Heavy Industries.
  • Bharat Petroleum Corporation Limited: BPCL, one of the famous Maharatna companies in India, is an oil corporation and is one of the largest in the country. It is in charge of the operations of refineries in Kochi and Mumbai, which are the largest ones in the country.
  • Coal India Limited: CIL produces the largest quantity of coal in the world and is owned by the Indian government. It was founded in November 1975 and is the 7th biggest employer in the country.
  • Gas Authority of India Limited: Popularly known as GAIL, it is India’s largest natural gas company and handles the processing and distribution of natural gas across the nation.
  • Hindustan Petroleum Corporation Limited: HPCL produces various petroleum fuels. It handles and operates two major refineries located in Mumbai and Visakhapatnam.
  • Indian Oil Corporation Limited: It is the country’s largest commercial oil company. IOCL is responsible for 11 out of 23 refineries in India and is operated by the Ministry of Petroleum and Gas.
  • National Thermal Power Corporation: NTPC is the largest generator and distributor of electricity in the country. It handles the majority of India’s power requirements.
  • Oil and Natural Gas Corporation: ONGC produces more than 70% of India’s crude oil and performs crucial functions such as gas exploration and production corporation.
  • Power Grid Corporation of India: It operated 90% of power transmission systems in India by distributing them state-wise and then region-wise.
  • Steel Authority of India Limited: SAIL has five integrated and three specialised steel plants. It is the largest steel-producing company in India.
  • Power Finance Corporation: Established in 1986, it performs non-banking financial functions to help India’s power sector.

Maharatna, Navratna, Miniratna UPSC

Maharatna Companies are the companies that already have the status of Navratna Company but have more profits. They also experience a higher level of financial independence in relation to their investment and operational decisions. Miniratna companies are the ones that have had a profit of Rs. 30 crores in the last three years; out of the three, they have relatively less autonomy. A Navratna company status is given to the company that has achieved above-average performance in terms of its operations, costs, profits, etc.

All these companies are a part of Central Public Sector Enterprises and are owned by the Government of India. As of present, India has 12 Maharatna companies, 14 Navratna companies in India, and 74 Miniratna companies that operate in different industries and have varying levels of profits and operations. The knowledge about Navratra, Miniratna, and Maharatna companies is significant for the UPSC exam preparation. All aspirants must read this article until the end and download the PDF from the link above.

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