The Maharatna, Navratna and Miniratna

Maharatna
The main objective of the Maharatna scheme is to empower mega CPSEs to expand their operations and emerge as global giants.
Of the 18 Navaratnas, SAIL, ONGC and NTPC met the stiff criteria set by the government, including a three-year track record of annual net profit of over Rs 5,000 crore, net worth of Rs 15,000 crore and turnover of Rs 25,000 crore, besides being listed entities in the bourses.
The coveted status empowers the boards of these firms to take investment decisions up to Rs 5,000 crore as against the present Rs 1,000 crore limit without seeking government approval. The Maharatna firms would now be free to decide on investments up to 15% of their net worth in a project, limited to an absolute ceiling of Rs 5,000 crore.
The Navaratna companies could invest up to Rs 1,000 crore without government approval.

Navratna CPSEs
Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as its most prestigious, which allowed them greater autonomy to compete in the global market.
The Navratna status is offered to PSEs, which gives a company enhanced financial and operational autonomy and empowers it to invest up to Rs. 1000 crore or 15% of their net worth on a single project without seeking government approval. In a year, these companies can spend up to 30% of their net worth not exceeding Rs. 1000 cr. They will also have the freedom to enter joint ventures, form alliances and float subsidiaries abroad.
Navratna status is conferred by Department of Public Enterprises. To be qualified as a Navratna, the company must obtain a score of 60 (out of 100). The score is based on six parameters which include net profit to net worth, total manpower cost to total cost of production or cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes) to capital employed, PBDIT to turnover, EPS (Earning Per Share) and inter-sectoral performance. Additionally, a company must first be a Miniratna and have four independent directors on its board before it can be made a Navratna
Bharat Electronics Limited
Bharat Heavy Electricals Limited
Bharat Petroleum Corporation Limited
Coal India Limited
GAIL (India) Limited
Hindustan Aeronautics Limited
Hindustan Petroleum Corporation Limited
Indian Oil Corporation Limited
Mahanagar Telephone Nigam Limited
National Aluminium Company Limited
NMDC Limited
Oil India Limited
Power Finance Corporation Limited
Power Grid Corporation of India Limited
Rural Electrification Corporation Limited
Rashtriya Ispat Nigam Limited
Shipping Corporation of India Limited

Miniratna Category - I CPSEs
Miniratnas can also enter into joint ventures, set subsidiary companies and overseas offices but with certain conditions. This designation applies to PSEs that 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. These miniratnas granted certain autonomy like incurring capital expenditure without government approval up to Rs. 500 crore or equal to their net worth, whichever is lower.

1.Airports Authority of India
2.Balmer Lawrie & Co. Limited
3.Bharat Dynamics Limited
4.BEML Limited
5.Bharat Sanchar Nigam Limited
6.Bongaigaon Refineries & Petrochemicals Limited
7.Central Warehousing Corporation
8.Central Coalfields Limited
9.Chennai Petroleum Corporation Limited
10.Cochin Shipyard Limited
11.Container Corporation of India Limited
12.Dredging Corporation of India Limited
13.Engineers India Limited
14.Ennore Ports Limited
15.Garden Reach Shipbuilders & Engineers Limited
16.Goa Shipyard Limited
17.Hindustan Copper Limited
18.Hindustan Latex Limited
19.Hindustan Newsprint Limited
20.Hindustan Paper Corporation Limited
21.Housing & Urban Development Corporation Limited
22.India Tourism Development Corporation Limited
23.Indian Railway Catering & Tourism Corporation Limited
24.IRCON International Limited
25.Kudremukh Iron Ore Company Limited
26.Mazagaon Docks Limited
27.Mahanadi Coalfields Limited
28.Manganese Ore India Limited
29.Mangalore Refinery & Petrochemicals Limited
30.Mishra Dhatu Nigam Limited
31.MMTC Limited
32.MSTC Limited
33.National Fertilizers Limited
34.Neyveli Lignite Corporation
35.NHPC Limited
36.Northern Coalfields Limited
37.Numaligarh Refinery Limited
38.Rashtriya Chemicals & Fertilizers Limited
39.RITES Limited
40. Satluj Jal Vidyut Nigam Limited
41. Security Printing and Minting Corporation of India Limited
42. South Eastern Coalfields Limited
43. State Trading Corporation of India Limited
44.Tehri Hydro Development Corporation Limited
45.Telecommunications Consultants (India) Limited
46.Western Coalfields Limited


Miniratna Category-II CPSEs
This category include those PSEs which have made profits for the last three years continuously and should have a positive net worth. Category II miniratnas have autonomy to incurring the capital expenditure without government approval up to Rs. 300 crore or up to 50% of their net worth whichever is lower.

47.Broadcast Engineering Consultants (I) Limited
48.Central Mine Planning & Design Institute Limited
49.Educational Consultants (I) Limited
50.Engineering Projects (I) Limited
51.Ferro Scrap Nigam Limited
52.HMT (International) Limited
53.HSCC (India) Limited
54.India Trade Promotion Organization
55.Indian Medicines Pharmaceuticals Corporation Limited
56.M E C O N Limited
57.National Film Development Corporation Limited
58.P E C Limited
59.Rajasthan Electronics & Instruments Limited
60.Water & Power Consultancy (India) Limited