Upgraded Status of Oil India Limited (OIL) and ONGC Videsh Ltd (OVL) as per the Department of Public Enterprises (DPE)

The upgraded status of Oil India Limited (OIL) and ONGC Videsh Ltd (OVL) as per the Department of Public Enterprises (DPE) is as follows:

OIL: Maharatna CPSE
OVL: Navratna CPSE

Now, let's understand the significance and criteria for these upgraded statuses.

What is a Maharatna CPSE?
A Maharatna CPSE (Central Public Sector Enterprise) is a status accorded to select government-owned companies in India. This status provides greater financial autonomy and operational flexibility to these companies. To be classified as a Maharatna CPSE, a company must fulfill the following criteria:

1. The company should be a listed CPSE with a minimum average annual turnover of Rs. 25,000 crores during the last three years.
2. The company should have a minimum average annual net worth of Rs. 15,000 crores during the last three years.
3. The company should have a minimum average annual net profit after tax of Rs. 5,000 crores during the last three years.
4. The company should have significant global operations or international presence.

What is a Navratna CPSE?
A Navratna CPSE is a status accorded to select government-owned companies in India. This status provides greater financial autonomy and operational flexibility to these companies. To be classified as a Navratna CPSE, a company must fulfill the following criteria:

1. The company should be a listed CPSE with a minimum average annual turnover of Rs. 1,000 crores during the last three years.
2. The company should have a minimum average annual net worth of Rs. 5,000 crores during the last three years.
3. The company should have a minimum average annual net profit after tax of Rs. 250 crores during the last three years.
4. The company should have significant performance indicators such as:

- An overall rating of "Very Good" or above in the Memorandum of Understanding (MoU) signed with the government.
- Independent directors on the board.
- A functional directorate of personnel or human resources.
- A full-time company secretary.
- A separate post of director for research and development or technology.

Explanation of the Upgraded Status
Based on the criteria mentioned above, Oil India Limited (OIL) has been upgraded to the status of Maharatna CPSE. This implies that OIL has demonstrated exceptional financial performance, significant global operations, and a strong presence in the oil and gas industry.

On the other hand, ONGC Videsh Ltd (OVL) has been upgraded to the status of Navratna CPSE. This indicates that OVL has met the criteria for a Navratna CPSE, including satisfactory financial performance, performance indicators, and operational capabilities.

The upgraded status of Maharatna CPSE and Navratna CPSE provides OIL and OVL, respectively, with greater financial and operational autonomy. It also signifies their significant contributions to the economy and their potential for further growth and expansion in the domestic and international markets.

Overall, these upgraded statuses highlight the achievements and capabilities of OIL and