FM grants Navratna status to Numaligarh Refinery

It will empower the company to invest up to Rs 1,000 crore or 15 per cent of its net worth on a single project without seeking government approval.

Finance Minister Nirmala Sitharaman has granted Navratna status to Numaligarh Refinery Ltd (NRL).

Prior to the upgrade, NRL, a Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum and Natural Gas, held Miniratna status.

"Hon'ble Finance Minister has approved the upgradation of Numaligarh Refinery Ltd (NRL) to Navratna CPSE. NRL will be the 27th Navratna amongst the CPSEs. NRL is a Ministry of Petroleum & Natural Gas CPSE with an annual turn over of Rs 25,147 crores and net profit of Rs 1,608 crores for FY 2024-25," Department of Public Enterprises under the Finance Ministry said in a post on X on Tuesday.

NRL's majority shareholder is Oil India Ltd with 69.63 per cent holding, while the Assam government has 26 per cent and Engineers India Ltd 4.37 per cent.

Navratna status will significantly enhance financial and operational autonomy. This autonomy is designed to empower the company to compete more effectively in the domestic and global markets by making faster, independent decisions without needing explicit government approval for every strategic move.

It will empower the company to invest up to Rs 1,000 crore or 15 per cent of its net worth on a single project without seeking government approval.