IndianOil conferred with Maharatna status

Dec. 2, 2010 - PRLog -- IndianOil, the largest commercial enterprise in the country, was formally conferred the Maharatna status at a function held here today. The Maharatna certificate was presented by the Hon'ble Union Minister for Heavy Industries & Public Enterprises, Mr. Vilasrao Deshmukh, to Chairman, IndianOil, Mr. B.M.Bansal in the presence of Minister of State for Heavy Industries & Public Enterprises, Mr. Arun Yadav; Secretary, Dept. of Public Enterprises Mr. Bhaskar Chatterjee and Secretary, Dept. of Heavy Industries Mr. B.S.Meena.

In his address, Mr. Deshmukh stressed the importance of a strong public sector and lauded the contribution of the Central Public Sector Enterprises (CPSEs) towards India's growth. The CPSEs have played a remarkable role in ensuring sustainable all round development in the country, but also have a responsibility in nurturing the growth of ancillary industries and develop vendors in the small and medium sector too, he said.

Expressing happiness over the newly acquired Maharatna status, Mr. Bansal said, "It is a very proud moment for IndianOil to be conferred the Maharatna status by the Government of India". "The prestigious status of a 'Maharatna' will empower us to chart new and innovative strategies and inspire us to scale greater heights in the future", he added.

The Maharatna status provides for enhanced autonomy and operational flexibility. The Maharatna PSUs can investment upto Rs 5,000 crore in one project on their own, while the limit for Navratna companies is Rs 1,000 crore. According to the criteria laid down by the Govt., the Maharatna status is granted to listed Navaratna central public sector companies with an average annual turnover of more than Rs 25,000 crore, net profit after tax of Rs 5,000 crore and a net worth of Rs 15,000 crore during the past three years.

For More Details : http://www.iocl.com/Aboutus/Majorprojects.aspx

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IndianOil Corporation Ltd is India's largest commercial enterprise. The IndianOil Group of companies owns and operates 10 of India's 20 refineries.