Hindustan Petroleum Corporation Limited (HPCL) is set to become the ninth company to join the Maharatna club —which would empower the state-owned refinery to be on par with its promoter ONGC on decision-making powers and become even more globally competitive. Officials say that HPCL had applied for the status in September last year and the department of public enterprises (DPE) is already working on it.
In FY18, a substantial profit of over Rs 6,000 crore for the second straight year has helped the company claim the coveted ‘maharatna’ status. As per the eligibility criteria, which included a three-year track record of an annual net profit of over Rs 5,000 crore, a net worth of Rs 15,000 crore and a turnover of Rs 25,000 crore, HPCL is all good to wear the ‘maharatna’ crown.
