Hindustan Aeronautics Limited (HAL) has officially been upgraded to Maharatna Central Public Sector Enterprise (CPSE) status. The Department of Public Enterprises announced this milestone on October 12, following the approval from Finance Minister Nirmala Sitharaman. This marks a significant achievement for HAL as it becomes the 14th PSU to attain this prestigious status.
The proposal for HAL’s elevation was recommended by two high-level committees – the Inter-Ministerial Committee (IMC), led by the Finance Secretary, and the Apex Committee, chaired by the Cabinet Secretary.
HAL operates under the Department of Defence Production (DoDP) and posted an impressive annual turnover of ₹28,162 crore, along with a net profit of ₹7,595 crore for the 2023-24 financial year. With this new status, HAL gains enhanced financial autonomy and operational flexibility, positioning the company for further growth.
The last company to receive the Maharatna status was Oil India, which achieved this recognition in August 2023. India now boasts 14 Maharatna PSUs, including major players such as BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, and Power Grid.
To be eligible for Maharatna status, companies must meet stringent financial benchmarks, including an average turnover of ₹25,000 crore, an average annual net worth of ₹15,000 crore, and an average net profit exceeding ₹5,000 crore over the past three years. HAL’s elevation reflects its outstanding performance and strategic importance in India’s defense sector.
News Desk
