Hindustan Aeronautics Limited (HAL) has ascended to ‘Maharatna’ status, becoming the 14th Central Public Sector Enterprise (CPSE) to earn this prestigious title.
What happened: The Department of Public Enterprises announced the upgrade on Saturday, following approval from Finance Minister Nirmala Sitharaman.
Operating under the Department of Defence Production, HAL reported an impressive turnover of ₹28,162 crore and a net profit of ₹7,595 crore for the fiscal year 2023-24. Attaining Maharatna status grants HAL greater operational autonomy and enhanced financial authority, positioning it alongside India’s largest public enterprises like ONGC and NTPC.
The most recent company to receive Maharatna status before HAL was Oil India, in August of the previous year. The group of Maharatna Public Sector Undertakings (PSUs) now includes prominent entities such as BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, Oil India, REC, PFC, and the newly elevated HAL.
To achieve Maharatna status, a company must meet specific financial criteria, including an average turnover of over ₹25,000 crore, an average annual net worth exceeding ₹15,000 crore, and an average annual net profit of more than ₹5,000 crore over the past three years. This designation grants Public Sector Undertakings (PSUs) greater autonomy, enabling them to make capital expenditures for new purchases or replacements without monetary restrictions.
This recognition comes shortly after HAL secured a significant contract with the Defence Ministry to produce 240 AL-31FP Aero Engines for Su-30MKI aircraft, valued at over ₹26,000 crore. The deal, formalized on September 9, 2024, received approval from the Cabinet Committee and will see the engines—comprised of over 54% indigenous components—manufactured at HAL’s Koraput division.
Source: msn
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