National News

Bharat Petroleum upgraded as 8th Maharatna Company

September 9 , 2017 2627 days 1884 0

Government running Bharat Petroleum Corporation (BPCL) is all set to become a Maharatna company. The oil marketing company is at present a Navaratna firm.
The decision to elevate BPCL to Maharatna status was taken by a panel headed by the Cabinet secretary.

Eligibility criteria for Grant of Maharatna status:

It should be A Navratna Company
Listed on Stock exchange
It should have an average annual turnover of 25000 crores for last 3 years.
It should have an average annual net worth of 15000 crores for last 3 years.
It should have an average annual net profit after tax of more than 5000 crores for last 3 years.
It should have the significant Global presence.

At present, there are seven Maharatna companies — Bharat Heavy Electricals, Coal India, GAIL (India), Indian Oil Corporation, NTPC, Oil and Natural Gas Corporation and Steel Authority of India. After becoming a Maharatna firm, the board of BPCL will get enhanced powers which will help in expansion of operations, both in India and abroad.