Oil India Limited elevated to Maharatna category

 GUWAHATI: The Government of India today elevated Oil India Limited (OIL) to Maharatna category. OIL is now the 13th Maharatna CPSE in the country and joins the league of BHEL, BPCL, CIL, GAIL, HPCL, IOCL, NTPC, ONGC, PFC, POWERGRID, RECL and SAIL.

The company posted a consolidated annual turnover of Rs. 41,039 crore and net profit of Rs. 9854 crore for the FY 2022-23. OIL earned the status of Navaratna in 2010. Having acquired a majority share of Numaligarh Refinery Ltd. (NRL) in 2021, OIL has now become an integrated energy company. With a rich legacy of the first discovery of crude oil at Digboi in Assam Shelf during 1889; followed by post-independence discoveries at Naharkatiya and Moran during 1953 and 1956 respectively, OIL has been relentlessly engaged in fueling India’s energy needs over decades, stated a press release.

OIL Chairman and Managing Director (CMD) Dr Ranjit Rath said that OIL has achieved this feat owing to its strong legacy of technical proficiency in upstream hydrocarbon sector and a workforce with professional diligence, innovation and performance that has alleviated the growth of the company to new heights. “We are thankful to all our stakeholders for reposing their trust with OIL, and the entire workforce – past and present, who have offered their unwavering contribution for over six decades,” he said.

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