New Delhi: Numaligarh Refinery Limited, the Oil India subsidiary operating in the public sector, has been granted Navratna status by the Department of Public Enterprises, Ministry of Finance. Oil India confirmed the development in a regulatory filing on Wednesday, stating, “We would like to inform that Numaligarh Refinery Limited, our Material Subsidiary, has been granted ‘Navratna’ status by Department of Public Enterprises, Ministry of Finance, Govt. of India”.
Navratna status is awarded to Central Public Sector Enterprises that meet defined financial and operational criteria and are considered capable of operating with a higher degree of independence. The designation allows these enterprises greater freedom to take investment decisions, form joint ventures and undertake financial commitments within specified limits without seeking prior government approval.
To qualify for Navratna status, a CPSE must secure a score of at least 60 out of 100 on parameters that include financial performance, net profit, net worth, capital employed, cost of production, global presence, technology absorption and human resource development. The assessment framework is designed to identify enterprises with steady performance and the ability to compete at a wider scale.
The recognition marks an important step for NRL, strengthening its operational flexibility and positioning it for future expansion within the energy sector. The enhanced autonomy is expected to support the company’s ongoing growth and modernisation plans as it continues to contribute to the national economy.
BI Bureau
