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.
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,
The enhanced autonomy helps the public sector enterprises to compete more effectively in the domestic and global markets.
To attain the Navratna status, a CPSE must have to,
CPCL fulfilled these requirements and it has reported an annual turnover of around ₹59,400 crore during FY 2025-26.
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.
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