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Bharat Petroleum Corporation to get Maharatna status

As per the government rules, a firm is eligible for Maharatna status if it is already a listed Navratna firm, has an average turnover at least Rs 25000 crore, net worth of Rs 15000 crore and an annual net profit after tax of Rs 5000 crore in the last three years. In addition, the fim should have significant global operations.

Sep 11, 2017 15:26 IST
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The Bharat Petroleum Corporation (BPCL) is all set to become a Maharatna company. The company is currently a Navratna firm.

The decision to grant Maharatna status to BPCL was taken by a panel headed by the Cabinet secretary.

The Maharatna and Navaratna state-owned units operate in strategic fields such as petroleum, power supply, coal, heavy engineering, transportation services and telecommunications.

As per the government rules, a firm is eligible for Maharatna status if it is already a listed Navratna firm, has an average turnover at least Rs 25000 crore, net worth of Rs 15000 crore and an annual net profit after tax of Rs 5000 crore in the last three years. In addition, the fim should have significant global operations.

At present, there are seven Maharatna companies. They are Bharat Heavy Electricals, Coal India, GAIL (India), Indian Oil Corporation, NTPC, Oil and Natural Gas Corporation and Steel Authority of India.

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About Bharat Petroleum Corporation

The Bharat Petroleum Corporation Limited is an Indian state-controlled oil and gas company.

The firm is headquartered in Mumbai, Maharashtra.

It operates two large refineries of the country located at Mumbai and Kochi.

As of 2016, the Corporation is ranked 358th on the Fortune Global 500 list of the world's biggest corporations.

Source: Financial Express

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