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For the talisman, set of stones and gems, see Navaratna. For the well-known navratnas of Vikramaditya and Akbar's courts, see Navaratnas.

Navratna was the title given originally to 9 Public Sector Enterprises (PSEs) identified by the Government of India in 1997 as "public sector companies that have comparative advantages", giving them greater autonomy to compete in the global market so as to "support [them] in their drive to become global giants".[1]

PSU companies are divided into three categories:

  • Maharatna
  • Navratna
  • Miniratna CPSEs
    • Category I
    • Category II

Historical symbolism[edit]

Originally, the term Navaratna meant a talisman or ornament composed of nine precious gems. Later, this symbology was adopted in the courts of Emperor Vikramaditya and the Mughal emperor Akbar, where the Navaratnas were a group of nine extraordinary men in their respective courts.

Maharatna status[edit]

In 2010, the government established the Maharatna status, which raises a company's investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore.[2] The Maharatna firms can now decide on investments of up to 15 per cent of their net worth in a project; the Navaratna companies could invest up to Rs 1,000 crore without explicit government approval.

Current Financial Autonomy Status[edit]

As on 21 July , 2014 there are 7 Maharatna, 16 Navratna and 71 Miniratna CPSE's.[3]

There are multiple factors and criteria for granting 'ratna' status. However, major criteria of awarding status are:

  • Maharatna
    • Three years with an average annual net profit of over Rs. 2500 crore (earlier was 5,000 Cr)
    • Average annual Net worth of Rs. 10,000 crore for 3 years (earlier was 15,000 Cr)
    • Average annual Turnover of Rs. 20,000 crore for 3 years (earlier was 25,000 Cr)
  • Navratna
    • A score of 60 (out of 100), based on six parameters which include net profit, net worth, total manpower cost, total cost of production, cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes), capital employed, etc.
    • A company must first be a Miniratna and have 4 independent directors on its board before it can be made a Navratna.
  • Miniratna Category-I
    • Have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years. 
  • Miniratna Category-II
    • Have made profits for the last three years continuously and should have a positive net worth.

The Categorisation entitles the company boards to do investments up to a limit (depending on the status) without seeking government permission.

  • Maharatna: up to Rs.1,000 crore - Rs. 5,000 crore, or free to decide on investments up to 15% of their net worth in a project.
  • Navratna: up to Rs. 1,000 crore or 15% of their net worth on a single project or 30% of their net worth in the whole year (not exceeding Rs. 1,000 crores).
  • Miniratna-I: up to Rs. 500 crore or equal to their net worth, whichever is lower.
  • Miniratna-II: up to Rs. 300 crore or up to 50% of their net worth, whichever is lower.

List of Maharatna[edit]

  1. Coal India Limited [4]
  2. Indian Oil Corporation [5]
  3. NTPC Limited [6]
  4. Steel Authority of India limited
  5. Bharat Heavy Electricals Limited[7]
  6. GAIL (India) Limited[7]
  7. Oil and Natural Gas Corporation

List of Navratna[edit]

  1. Engineers India Limited
  2. Bharat Electronics Limited
  3. Bharat Petroleum Corporation Limited
  4. Hindustan Aeronautics Limited
  5. Hindustan Petroleum Corporation Limited
  6. Mahanagar Telephone Nigam Limited
  7. National Aluminium Company Limited
  8. National Mineral Development Corporation Limited
  9. Neyveli Lignite Corporation Limited
  10. Oil India Limited
  11. Power Finance Corporation Limited
  12. Container Corporation of India Limited
  13. National Buildings Construction Corporation Limited
  14. Power Grid Corporation of India Limited
  15. Rashtriya Ispat Nigam Limited
  16. Rural Electrification Corporation Limited
  17. Shipping Corporation of India Limited

List of Miniratna-I[edit]

  1. Airports Authority of India
  2. Antrix Corporation
  3. Balmer Lawrie & Co.
  4. Bharat Dynamics Limited
  5. Bharat Earth Movers
  6. Bharat Sanchar Nigam Limited
  7. Bridge and Roof Company (India)
  8. Central Warehousing Corporation
  9. Central Coalfields
  10. Chennai Petroleum Corporation
  11. Cochin Shipyard
  1. Dredging Corporation of India
  2. Ennore Port
  3. Garden Reach Shipbuilders & Engineers
  4. Goa Shipyard
  5. Hindustan Copper Limited
  6. HLL Lifecare Limited
  7. Hindustan Newsprint Limited
  8. Hindustan Paper Corporation Limited
  9. Housing and Urban Development Corporation
  10. India Tourism Development Corporation
  11. Indian Railway Catering and Tourism Corporation
  12. IRCON International Limited
  13. Kudremukh Iron Ore Company Ltd.
  14. Mazagon Dock Limited
  15. Mahanadi Coalfields Limited
  16. MOIL Limited
  17. Mishra Dhatu Nigam Limited
  18. MMTC Ltd
  19. MSTC Limited
  20. National Fertilizers Limited
  21. National Seeds Corporation Limited
  22. NHPC Limited
  23. Northern Coalfields Limited
  24. North Eastern Electric Power Corporation Limited
  25. Numaligarh Refinery Limited
  26. ONGC Videsh Limited
  27. Pawan Hans Helicopters Limited
  28. Projects and Development India Limited
  29. Railtel Corporation of India Limited
  30. Rashtriya Chemicals & Fertilizers Limited
  31. RITES Limited
  32. SJVN Limited (Nathpa Jhakri Dam)
  33. Security Printing and Minting Corporation of India Limited
  34. South Eastern Coalfields Limited
  35. State Trading Corporation of India Limited
  36. Telecommunications Consultants India Limited
  37. THDC Ltd
  38. Western Coalfields Limited
  39. Water and Power Consultancy Services Limited

List of Miniratna-II[edit]

  1. Bharat Pumps & Compressors Limited
  2. Broadcast Engineering Consultants India Limited
  3. Central Mine Planning and Design Institute Limited
  4. Central Railside Warehouse Company Limited
  5. Educational Consultants India Limited
  6. Engineering Projects (I) Limited
  7. FCI Aravali Gypsum and Minerals (India) Limited
  8. Ferro Scrap Nigam Limited
  9. HMT Limited International
  10. HSCC (India) Limited
  11. India Trade Promotion Organization
  12. Indian Medicines Pharmaceuticals Corporation Limited
  13. MECON Limited
  14. Mineral Exploration Corporation Limited
  15. National Film Development Corporation of India
  16. National Small Industries Corporation Limited
  17. P E C Limited
  18. Rajasthan Electronics and Instruments Limited
  19. Central Mine Planning and Design Institute

See also[edit]


External links[edit]