Hindustan Aeronautics gets status of 14th 'Maharatna' PSU

New Delhi: Hindustan Aeronautics Limited (HAL) has been designated as a Maharatna Central Public Sector Enterprise (CPSE). The Department announced Public Enterprises on October 12 through X (formerly Twitter). Finance Minister Nirmala Sitharaman approved the decision to elevate HAL's status.

This upgrade followed recommendations from two high-level committees: the Inter-Ministerial Committee (IMC), led by the Finance Secretary, and the Apex Committee, chaired by the Cabinet Secretary.

With this move, HAL becomes India’s 14th Maharatna PSU, joining companies such as BHEL, ONGC, and Indian Oil. HAL, which operates under the Department of Defence Production (DoDP), achieved a turnover of Rs 28,162 crore and a net profit of Rs 7,595 crore for the financial year 2023-24.

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The Maharatna status gives HAL increased operational and financial autonomy. It can now make investments up to 15% of its net worth in projects and invest up to Rs 5,000 crore in foreign ventures without government approval.

This offers HAL more flexibility in mergers, acquisitions, and other capital expenditures, without the constraints that typically apply to PSUs with lesser status.

To qualify for Maharatna status, a PSU must meet specific financial criteria, including an average turnover exceeding Rs 25,000 crore, an average annual net worth of over Rs 15,000 crore, and an average net profit of Rs 5,000 crore for the last three years. Oil India was the most recent company to attain Maharatna status in August last year.

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The new status positions HAL alongside other top-tier PSUs in India, enabling it to play a larger role in the country’s economic and industrial growth while reducing its dependence on government approvals and support.

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