ONGC Videsh Limited upgraded to Navratna status
Economy
4 min read
ONGC Videsh Limited (OVL) has become the 13th Navratna Central Public Sector Enterprises (CPSE) . In a notification issued by the Department of Public Enterprises,Union Ministry of Finance on 3 August 2023, OVL was upgraded from Mini Navratna-I to Maharatna status .
ONGC Videsh Limited is a Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas.
The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas.
ONGC Videsh Limited
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It is a wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company of India.
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ONGC Videsh is the second largest petroleum company of India, next only to its parent ONGC.
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ONGC Videsh has stake in 33 oil and gas projects in 15 Countries, viz. Azerbaijan (2 projects), Bangladesh (2 Projects), Brazil (2 projects), Colombia (5 projects), Iran (1 project), Iraq (1 project), Libya (1 project), Mozambique (1 Project), Myanmar (6 projects), Russia (3 projects), South Sudan (2 projects), Syria (2 projects), UAE (1 project), Venezuela (2 projects), and Vietnam (2 projects).
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Headquarters : New Delhi
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Chairperson: The Chairperson of ONGC is also the chairperson of OVL and the current chairperson is Arun Kumar Singh.
Criteria for grant of Navratna CPSE
The Government had introduced the ‘Navratna’ scheme, in 1997, to identify Central Public Sector Enterprises (CPSEs) that had comparative advantages and to support them in their drive to become global giants.
The CPSEs which are
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Miniratna I, Schedule ‘A’ and
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have obtained ‘excellent’ or ‘very good’ MOU rating in three of the last five years and
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having a composite score of 60 or above in the six selected performance indicators are eligible to be considered for grant of Navratna status.
List of Navratna CPSEs (as on 4 August 2023 )
- Bharat Electronics Limited
- Container Corporation of India Limited
- Engineers India Limited
- Hindustan Aeronautics Limited
- Mahanagar Telephone Nigam Limited
- National Aluminium Company Limited
- National Buildings Construction Corporation Limited
- Neyveli Lignite Corporation Limited
- NMDC Limited
- Rail Vikas Nigam Limited
- Rashtriya Ispat Nigam Limited
- Shipping Corporation of India Limited
- ONGC Videsh Limited
