Chennai Petroleum Corporation Limited Granted The Navratna Status

Chennai Petroleum Corporation Limited (CPCL) which is India’s one of the leading oil refining companies has been granted as the Navratna status by the Government of India. This approval was given by the Respectable Union Finance Minister Nirmala Sitharaman and elevated the CPCL from a Miniratna Category-I enterprise to a Navratna Central Public Sector Enterprise (CPSE). With this it becomes the 28th Navratna CPSE in India.

What is Navratna Status?

The Navratna scheme was introduced by the Government of India in the year 1997 to provide the selected public sector enterprises with the greater financial and operational independence.

A Navratna company can,

• Invest up to ₹1,000 crore or 15% of the its  net worth in a single project without anyprior government approval.
• Form joint ventures and subsidiaries abroad.
• Enters the new markets more quickly.
• Pursue mergers and acquisitions.
• Establish strategic technology partnerships and collaborations.

The enhanced autonomy helps the public sector enterprises to compete more effectively in the domestic and global markets.

Why Did CPCL Qualify?

To attain the Navratna status, a CPSE must have to,

• Hold Miniratna Category-I status.
• Have a positive net worth.
• Receive “Excellent” or “Very Good” MoU ratings in at least three of the previous five years.
• Score the 60 points or more on key performance parameters such as net profit, net worth, manpower cost and earnings.

CPCL fulfilled these requirements and it has reported an annual turnover of around ₹59,400 crore during FY 2025-26.

About Chennai Petroleum Corporation Limited (CPCL)

Chennai Petroleum Corporation Limited was established in the year 1965 as a joint venture involving the Government of India, AMOCO and the National Iranian Oil Company.

It was originally known as the Madras Refineries Limited and this company later became a subsidiary of the Indian Oil Corporation Limited in the year 2001 after the government’s stake was transferred to the IndianOil.

Today, IndianOil holds around 51.89% stake in the CPCL.