Chennai Petroleum gets Navratna tag
Chennai Petroleum Corporation Ltd (CPCL) has been upgraded to Navratna Central Public Sector Enterprise (CPSE) status, with Union Finance Minister Nirmala Sitharaman approving the elevation
Chennai Petroleum Corporation Ltd (CPCL) has been upgraded to Navratna Central Public Sector Enterprise (CPSE) status, with Union Finance Minister Nirmala Sitharaman approving the elevation. The announcement was made by the Department of Public Enterprises (DPE) under the Ministry of Finance. With this, CPCL becomes the 28th Navratna among all CPSEs in India.CPCL, which operates under the Ministry of Petroleum and Natural Gas, posted an annual turnover of Rs 59,400 crore in FY 2025-26. Prior to this upgrade, the company held Miniratna Category-I status.Also read: Oil cos weigh refinery price freeze; move may hit MRPL, CPCLWhat the Navratna tag meansThe Navratna classification, introduced by the government in 1997, grants Central Public Sector Enterprises significantly enhanced financial and operational autonomy.
A Navratna CPSE can invest up to Rs 1,000 crore or 15% of its net worth on a single project without seeking prior government approval. The status also empowers companies to establish joint ventures overseas, access new markets, leverage local expertise, foster innovation through technological alliances, and facilitate mergers and acquisitions.— DPE_GoI (@DPE_GoI) To qualify for the status, a CPSE must be a Miniratna-I entity with a positive net worth, must have secured an "Excellent" or "Very Good" MoU rating in three of the last five years, and must score 60 or more points on key financial indicators including net profit, net worth, and manpower cost.CPCL, formerly known as Madras Refineries Limited, was formed as a joint venture between the Government of India, AMOCO, and the Iranian Oil Company in 1965.
The Government of India later transferred its equity to Indian Oil Corporation, and CPCL became a subsidiary of IndianOil in 2001.Also read: Chennai Petroleum announces Rs 8 per share dividend, sets April 2 as record date. Check dividend yieldCPCL was conceived as a grassroot refinery in 1969 with an installed refining capacity of 2.5 million metric tonnes per annum (MMTPA). Today, it is one of the largest refining corporations in South India, with an installed refining capacity of 10.5 MMTPA.The Manali refinery is one of the most complex refineries in India, with fuel, lube, wax, and petrochemical feedstock production facilities. The company also set up a 5.8 million gallons per day sea water desalination plant, the first of its kind in the industry to augment the water requirements of the refinery.The company's product range spans diesel, petrol, LPG, kerosene, aviation turbine fuel, lubricants, petrochemical feedstocks, and specialty products including JP-5 fuel for fighter jets and missile fuels.
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