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New Delhi: The finance ministry on Thursday gave its approval to upgrade ONGC Videsh Ltd (OVL) to ’navratna’ Central Public Sector Enterprise (CPSE) from category-I ‘miniratna’.
ONGC Videsh, under the ministry of petroleum and natural gas, will be the 14th ’navratna’ among CPSEs.
The status means the company will have more autonomy in terms of investment, setting up joint venture and other financial decisions.
“Finance Minister has approved the upgradation of ONGC Videsh Ltd (OVL) to Navratna CPSE. OVL will be 14th Navratna amongst the CPSEs,” Department of Public Enterprises (DPE) said in a tweet.
The CPSE with annual turnover of ₹11,676 crore and net profit of ₹1700 crore for the year 2022-23.
As per the Navratna company criteria, the company must have miniratna status, with four independent board directors.
Moreover, the company must get a score of 60 out of 100 in parameters like net worth, net profit, total production cost, manpower cost, service cost, capital employed, and profit before depreciation, interest, and taxes (PBDIT).
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Updated: 03 Aug 2023, 03:52 PM IST
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