Oil India Limited was upgraded by the Indian government to the Maharatna level

7 Aug 2023 , 01:03 AM

OIL has now joined the league of BHEL, BPCL, CIL, GAIL, HPCL, IOCL, NTPC, ONGC, PFC, POWERGRID, RECL, and SAIL as the 13th Maharatna CPSE in the nation. For the fiscal year 2022–2023, the company reported a consolidated annual revenue of Rs 41,039 crore and a net profit of Rs 9,854 crore. In 2010, OIL was granted Navaratna status. By acquiring the majority of Numaligarh Refinery Ltd. (NRL)’s shares in 2021, OIL transformed into an integrated energy business.

OIL has been tenaciously working to meet India’s energy needs for decades. Its rich history dates back to the first discovery of crude oil at Digboi in the Assam Shelf in 1889, which was followed by post-independence discoveries in Naharkatiya and Moran in 1953 and 1956, respectively.

This acknowledgment demonstrates OIL’s attention to and commitment to the upstream sector of the petroleum industry. OIL is more committed than ever to playing a bigger part in the country’s energy landscape and helping the sector expand and prosper in the years to come thanks to the awarding of Maharatna status.

According to Dr. Ranjit Rath, C&MD of OIL, the company has succeeded because of its long history of technical expertise in the upstream hydrocarbon sector and a team that has contributed to the company’s expansion to new heights by professional diligence, creativity, and performance.

‘We are grateful to all of our stakeholders for placing their trust in OIL, as well as to every employee, past and present, who has given their steadfast support for more than 60 years. We would like to express our sincere thanks to the Ministry of Petroleum and Natural Gas, Government of India, for its leadership and assistance in helping OIL reach this milestone.

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