NewDelhi: Hindustan Aeronautics Limited (HAL), a public sector defence company, has been granted the prestigious Maharatna status, making it the 14th company in India to achieve this honour. The announcement follows an impressive financial performance in the 2023-24 fiscal year, where HAL recorded a turnover of ₹28,162 crore and a profit of ₹7,595 crore.
With its new Maharatna status, HAL will now enjoy greater autonomy, allowing the company to make key business decisions without the need for government approval, potentially accelerating its projects and enhancing its operations.
The Department of Public Enterprises (DPE) under the Ministry of Finance announced that HAL has been conferred with Maharatna status. This proposal had already been approved by a ministerial committee. HAL, which operates under the Department of Defence Production, is considered a leading player in India’s defence sector. The new status is expected to propel the company’s future projects forward at a faster pace.
The Indian government categorises high-performing public sector undertakings (PSUs) into three categories: Miniratna, Navratna, and Maharatna. These categories grant companies increasing levels of decision-making authority. With its Maharatna status, HAL can now take significant decisions, including investments, without requiring prior government clearance.
Before HAL, 13 other companies, including BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, Oil India, and PFC, were already conferred Maharatna status.
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