India's Maharatna companies are elite public sector undertakings (PSUs) that play a significant role in the country’s economy. This article provides an overview of these 13 Maharatna companies, their market cap and key details about their operations and significance.

Understanding Maharatna Companies

The Maharatna status is a prestigious recognition given to select PSUs in India, granting them greater autonomy and financial power.

These companies are chosen based on their performance, turnover and net profit, among other criteria. Maharatna companies have the liberty to invest up to ₹5,000 crore without government approval, allowing them to operate more independently and efficiently.

The Maharatna status was introduced by the Indian government in 2009 to empower large PSUs and enable them to become global giants. This system aims to enhance their competitive advantage, improve their operational freedom and contribute to the economy more significantly.

To achieve Maharatna status, a PSU must have a turnover of over ₹25,000 crore for three consecutive years, a net profit of ₹5,000 crore and significant global operations. Additionally, these companies must be listed on Indian stock exchanges.

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List of 13 Maharatna Companies

Bharat Heavy Electricals Limited (BHEL)

Market Cap: ₹1.14 lakh crore

BHEL is India’s largest engineering and manufacturing enterprise in the energy-related and infrastructure sectors.

Specialising in the design, engineering, construction, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, including power, transmission, industry, transportation and renewable energy.

BHEL became a Maharatna company in 2013.

Bharat Petroleum Corporation Limited (BPCL)

Market Cap: ₹1.32 lakh crore

Description: BPCL is a major player in the oil and gas industry, focusing on the refining of crude oil and the marketing of petroleum products.

With a robust network of refineries, fuel stations and LPG distributors, BPCL plays a critical role in ensuring energy security for India.

BPCL received Maharatna status in 2017.

Coal India Limited (COALINDIA)

Market Cap: ₹3.07 lakh crore

Description: CIL is the world’s largest coal-producing company, accounting for the majority of coal production in India. It operates through its subsidiaries across eight states in India, providing coal for electricity generation, steel making, cement production and other industrial activities. CIL was awarded Maharatna status in 2011.

GAIL (India) Limited

Market Cap: ₹1.51 lakh crore

Description: GAIL is India's leading natural gas company, engaged in the exploration, production, processing, transmission, distribution and marketing of natural gas and its by-products.

It also operates one of the largest gas pipeline networks in the country.

GAIL achieved Maharatna status in 2013.

Hindustan Petroleum Corporation Limited (HINDPETRO)

Market Cap: ₹72,761 crore

Description: HPCL is an integrated oil refining and marketing company in India, operating two major refineries in Mumbai and Visakhapatnam. It also has an extensive network of fuel stations and LPG distributors across the country.

HPCL was granted Maharatna status in 2019.

Indian Oil Corporation Limited (IOC)

Market Cap: ₹2.36 lakh crore

IOCL is the largest commercial oil company in India, involved in the refining, transportation and marketing of petroleum products. It operates a vast network of refineries, pipelines and retail outlets and is also expanding into alternative energy sources.

IOCL became a Maharatna company in 2010.

National Thermal Power Corporation (NTPC)

Market Cap: ₹3.66 lakh crore

NTPC is India's largest power utility, primarily engaged in the generation and sale of electricity. It has a diversified portfolio that includes coal, gas, hydro and renewable energy projects, making it a key player in India’s energy sector.

NTPC was awarded Maharatna status in 2010.

Oil & Natural Gas Corporation Limited (ONGC)

Market Cap: ₹3.88 lakh crore

ONGC is the largest oil and gas exploration and production company in India. It plays a crucial role in meeting the country’s energy needs, with operations spanning the entire hydrocarbon value chain, including exploration, production, refining and marketing.

ONGC achieved Maharatna status in 2010.

Power Grid Corporation of India Limited (POWERGRID)

Market Cap: ₹3.20 lakh crore

PGCIL is a leading electric power transmission company in India, managing a significant portion of the national grid. It is responsible for the planning, coordination, supervision and control of inter-state transmission systems, ensuring reliable and efficient power supply.

PGCIL achieved Maharatna status in 2019.

Steel Authority of India Limited (SAIL)

Market Cap: ₹62,499 crore

SAIL is one of the largest steel-making companies in India, producing a wide range of steel products for domestic and international markets. It operates several integrated steel plants and special steel plants across the country.

SAIL became a Maharatna company in 2010.

Oil India Limited (OIL)

Market Cap: ₹95,035 crore

OIL India is a key player in the exploration, production and transportation of crude oil and natural gas in India. It also engages in the production of LPG and has diversified into renewable energy sources.

OIL was granted Maharatna status in 2019.

Power Finance Corporation (PFC)

Market Cap: ₹1.84 lakh crore

PFC provides financial assistance to the power sector, offering loans for power generation, transmission and distribution projects. It plays a vital role in funding and facilitating infrastructure development in the energy sector.

PFC was granted Maharatna status in 2021.

Rural Electrification Corporation Limited (RECLTD)

Market Cap: ₹1.68 lakh crore

REC provides financial assistance for rural electrification projects, aiming to improve power infrastructure and accessibility in rural areas. It plays a crucial role in achieving the government’s goal of universal electrification.

REC was awarded Maharatna status in 2022.

Table Of Top 10 Maharatna Companies

Company	Market Cap
1. Oil & Natural Gas Corporation Limited (ONGC)	₹3.88 lakh crore
2. National Thermal Power Corporation (NTPC)	₹3.66 lakh crore
3. Power Grid Corporation of India Limited (POWERGRID)	₹3.20 lakh crore
4. Coal India Limited (COALINDIA)	₹3.07 lakh crore
5. Indian Oil Corporation Limited (IOC)	₹2.36 lakh crore
6. Power Finance Corporation (PFC)	₹1.84 lakh crore
7. Rural Electrification Corporation Limited (RECLTD)	₹1.68 lakh crore
8. GAIL India Limited (GAIL)	₹1.51 lakh crore
9. Bharat Petroleum Corporation Limited (BPCL)	₹1.32 lakh crore
10. Bharat Heavy Electricals Limited (BHEL)	₹1.13 lakh crore

Significance of Maharatna Companies

Maharatna companies contribute immensely to the Indian economy, providing employment to millions and generating substantial revenue. They play a pivotal role in infrastructure development, energy production and resource management, often leading the way in technology and innovation.

With autonomy, Maharatna companies can make strategic decisions quickly, invest in new projects and expand their operations both domestically and internationally. This flexibility is crucial for competing in the global market and maintaining their leading positions.

Despite their status, Maharatna companies face challenges such as market competition, regulatory changes and the need for continuous innovation. Managing resources efficiently and staying ahead of technological advancements are essential for sustaining their growth.

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