SOURCE: PTI
The Government of India (GoI) has granted the ‘Maharatna’ status to the Indian PSU Hindustan Aeronautics Ltd (HAL). The Department of Public Enterprises informed us about HAL’s upgrade to the 14th Maharatna company in India from its official ‘X’ channel account (formerly known as Twitter). The DPE said on Saturday that Finance Minister Nirmala Sitharaman has given her nod to upgrade the Indian PSU to Maharatna status.
HAL, operating under the Department of Defence Production (DoDP), has reported impressive financial results, achieving an annual turnover of ?28,162 crore and a net profit of ?7,595 crore for the fiscal year 2023-24.
This upgrade recognizes HAL’s significant contributions to India’s aerospace and defense sectors, positioning it as a leading enterprise in the country.
After the Maharatna status, HAL will have greater autonomy, higher investment capability, and strategic flexibility. Now, HAL can invest up to ?5,000 crore or 15% of its net worth (whichever is applicable in thefuture) in a single project without requiring any government approval. Like any other Maharatna company, HAL will have the freedom to undertake mergers, acquisitions, and strategic investments both domestically and internationally.