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Public Sector Undertakings (PSU) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments. These types of firms can also be a joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government.[1][2] Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings (CPSUs), owned by the central government or other CPSUs; and State Public Sector Undertakings (SPSUs), owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna, Navaratna, and Miniratna (Category I and II).

Following India’s independence in 1947, the limited pre-existing industries were insufficient for sustainable economic growth. The Industrial Policy Resolution of 1956, adopted during the Second Five-Year Plan, laid the framework for PSUs. The government initially prioritized strategic sectors, such as communication, irrigation, chemicals, and heavy industries, followed by the nationalisation of corporations. PSUs subsequently expanded into consumer goods production and service areas like contracting, consulting, and transportation. Their goals include increasing exports, reducing imports, fostering infrastructure development, driving economic growth, and generating job opportunities. Each PSU has its own recruitment rules and employment in PSUs is highly sought after in India due to high pay and its job security, with most preferring candidates with a GATE score.[3] These jobs are very well known for very high pay scale compared to other Government jobs such as UPSC, facilities such as bungalow, pensions and other subsidized facility and for also very good planned townships settlement life. A PSU non-executives such as workers have a huge payscale difference compared to private sector.

In 1951, there were five PSUs under the ownership of the government. By March 2021, the number of such government entities had increased to 365.[4] These government entities represented a total investment of about ₹16,410,000,000,000 as of 31 March 2019. Their total paid-up capital as of 31 March 2019 stood at about ₹200.76 lakh crore. CPSEs have earned a revenue of about ₹24,430,000,000,000 + ₹1,000,000,000,000 during the financial year 2018–19.[4]

History

Soviet model

When India achieved independence in 1947, it was primarily an agrarian entity, with a weak industrial base. There were only eighteen state-owned Indian Ordnance Factories, previously established to reduce the dependency of the British Indian Army on imported arms.[5]

The British Raj had previously elected to leave agricultural production to the Private sector, with tea processing firms, jute mills (such as the Acland Mill), railways, electricity utilities, banks, coal mines, and steel mills being just some of the economic entities largely owned by private individuals like the industrialist Jamsetji Tata. Other entities were listed on the Bombay Stock Exchange.[6]

Critics of private ownership of India’s agricultural and industrial entities—most notably Mahatma Gandhi’s independence movement—instead advocated for a self-sufficient, largely agrarian, communal village-based existence for India in the first half of the 20th century.[7][8] Other contemporary criticisms of India’s public sector targeted the lack of well-funded schools, public libraries, universities, hospitals and medical and engineering colleges; a lack seen as impeding an Indian replication of Britain’s own industrialization in the previous century.[9][10][11][12][13]

Post-Independence, the national consensus turned in favor of rapid industrialisation of the economy, a process seen as the key to economic development, improved living standards and economic sovereignty.[14] Building upon the Bombay Plan, which noted the necessity of government intervention and regulation in the economy, the first Industrial Policy Resolution announced in 1948 laid down in broad strokes such a strategy of industrial development. Later, the Planning Commission was formed by a cabinet resolution in March 1950 and the Industrial (Development and Regulation) Act was enacted in 1951 with the objective of empowering the government to take necessary steps to regulate industry.[15]

The first Prime Minister of India, Jawaharlal Nehru, promoted an economic policy based on import substitution industrialisation and advocated a mixed economy.[16] He believed that the establishment of basic and heavy industry was fundamental to the development and modernisation of the Indian economy. India’s second five year plan (1956–60) and the Industrial Policy Resolution of 1956 emphasized the development of public sector enterprises to meet Nehru’s national industrialisation policy. His vision was carried forward by V. Krishnamurthy, a figure known as the “Father of Public sector undertakings in India”. Indian statistician Prasanta Chandra Mahalanobis was instrumental to its formulation, which was later termed the Feldman–Mahalanobis model.[17][18]

In 1969, Indira Gandhi‘s government nationalised fourteen of India’s largest private banks, and an additional six in 1980. This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis.[15] After the crisis, the government began divesting its ownership of several PSUs to raise capital and privatize companies facing poor financial performance and low efficiency.[19][20]

Rise of Dirigisme after 1991 reforms

After liberalisation in 1991, India shifted from a mixed planned led Soviet type model to a more market-oriented dirigisme economy with indicative planning.[21][22][23] The 1991 reforms led to formation of pseudo-state owned companies by Government of India such as NSE, NSDL, CRISIL, IL&FS etc. which were joint-venture of Public Sector Undertakings(PSUs) and controlling stake(>25%) owned by PSUs as a protectionist policy to lead the market reforms instead of invisible free-hand of free market.The Eighth Five Year Plan (1992 – 1997) adopted Indicative Planning in India. The Eighth Five Year Plan (1992 – 1997) managed the transition from a centrally planned economy to a market led economy through indicative planning and public sector.

Management and classification

The public sector undertakings are headed by the head of board of directors also known as chairperson cum managing director cum chief executive officer and a vice chairperson cum deputy managing director cum co-chief executive officer along with the members of the board of directors also known as executive director cum c-level officer who are Group ‘A’ gazetted officers appointed by the President of India in case of central public sector undertakings, its subsidiaries & its divisions and appointed by the Governor of States of India in case of state public sector undertakings, its subsidiaries & its divisions.

All of the public sector undertakings have been awarded additional financial autonomy. Public Sector Undertakings are government establishments that have comparative advantages”, giving them greater autonomy to compete in the global market so as to “support [them] in their drive to become global giants”.[24] Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997.[25] Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of the Gupta emperor Vikramaditya and Mughal emperor Akbar, as the collective name for nine extraordinary courtiers at their respective courts.

In 2010, the central government established the higher Maharatna category, which raises a public sector unit’s investment ceiling from ₹1,000 crore to ₹5,000 crores.[26] The Maharatna public sector units can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to ₹1,000 crore without explicit government approval. Two categories of Miniratnas afford less extensive financial autonomy.

Guidelines for awarding Ratna[27] status are as follows:

Category Eligibility Benefits for investment
Maharatna ([28]

 ₹1,000 crore – ₹5,000 crores, or free to decide on investments up to 15% of their net worth in a project
Navaratna (Miniratna Category-I (Miniratna Category-II ([29]
S. No. CPSE Name Net Profit (₹ crore) Share (%)
1 Oil and Natural Gas Corporation Limited (ONGC) 40,305 15.27
2 Indian Oil (IOCL) 24,184 9.16
3 Power Grid Corporation of India (PGCIL) 17,074 6.48
4 NTPC Limited 16,111 6.11
5 Steel Authority of India Limited (SAIL) 12,015 4.55
6 Coal India Limited (CIL) 11,202 4.24
7 GAIL (India) Limited 10,364 3.93
8 REC Limited 10,046 3.81
9 Power Finance Corporation Limited (PFC) 10,022 3.80
10 NMDC Limited 9,398 3.56
Total (1-10) 1,60,742 60.91
Other CPSEs 1,03,153 39.09
Aggregated profit of profit-making CPSEs 2,63,895 100

List of CPSUs

Public Sector Undertakings (PSUs) can be classified as Central Public Sector Undertakings (CPSUs) or State Public Sector Undertakings (SPSUs). CPSUs are administered by the Ministry of Heavy Industries. The Department of Public Enterprises (DPE), Ministry of Finance is the nodal department for all the Central Public Sector Undertakings (CPSUs).

As of 2025, there are 14 Maharatnas, 26 Navratnas and 65 Miniratnas (divided into Category 1 and Category 2).[30][31]

List of Maharatna

  1. Oil and Natural Gas Corporation (ONGC)
  2. Bharat Heavy Electricals Limited (BHEL)
  3. Bharat Petroleum (BPCL)
  4. Coal India (CIL)
  5. GAIL (India) Limited (formerly Gas Authority of India Limited)
  6. Hindustan Petroleum (HPCL)
  7. Indian Oil (IOCL)
  8. NTPC Limited (formerly National Thermal Power Corporation)
  9. Power Grid Corporation of India (PGCIL)
  10. Power Finance Corporation Limited (PFC)
  11. REC Limited (formerly Rural Electrification Corporation Limited)
  12. Steel Authority of India Limited (SAIL)
  13. Oil India (OIL)
  14. Hindustan Aeronautics Limited (HAL)

List of Navratna

  1. Bharat Electronics (BEL)
  2. Container Corporation of India (CONCOR)
  3. Engineers India (EIL)
  4. Mahanagar Telephone Nigam Limited (MTNL)
  5. National Aluminium Company (NALCO)
  6. NBCC (India) Limited
  7. NMDC Limited
  8. NLC India Limited (Neyveli Lignite)
  9. Rashtriya Ispat Nigam (RINL)
  10. Shipping Corporation of India (SCI)
  11. Rail Vikas Nigam (RVNL)
  12. ONGC Videsh Limited (OVL)
  13. Rashtriya Chemicals and Fertilizers (RCF)
  14. Ircon International (IRCON)
  15. RITES Limited
  16. National Fertilizers Limited (NFL)
  17. Housing And Urban Development Corporation Limited (HUDCO)
  18. Indian Renewable Energy Development Agency (IREDA)
  19. Central Warehousing Corporation (CWC)
  20. Mazagon Dockyard Limited (MDL)[32]
  21. RailTel Corporation of India Limited (RCIL)
  22. SJVN Limited (SJVN)[33]
  23. NHPC Limited[33]
  24. Solar Energy Corporation of India (SECI)[33]
  25. Indian Railway Catering and Tourism Corporation (IRCTC)
  26. Indian Railway Finance Corporation (IRFC)
  27. Numaligarh Refinery (NRL)
  28. Chennai Petroleum Corporation Limited (CPCL)
  29. Garden Reach Shipbuilders & Engineers Limited (GRSE)

List of Miniratna

Miniratna Category-I
[34]
  • Goa Shipyard (GSL)
  • Hindustan Copper (HCL)
  • HLL Lifecare
  • Hindustan Newsprint
  • Hindustan Paper Corporation Limited
  • Hindustan Steelworks Construction Ltd.
  • HSCC India Limited
  • Indian Tourism Development Corporation (ITDC)
  • Indian Rare Earths (IRE)
  • India Trade Promotion Organisation (ITPO)
  • Kudremukh Iron Ore Company (KIOCL)
  • Mahanadi Coalfields (MCL)
  • MOIL Limited (MOIL)
  • Mangalore Refinery and Petrochemicals Limited (MRPL)
  • Mineral Exploration Corporation Limited (MECL)
  • Mishra Dhatu Nigam
  • MMTC Ltd. (MMTC)
  • MSTC Limited
  • National Fertilizers (NFL)
  • National Projects Construction Corporation
  • National Small Industries Corporation (NSIC)
  • National Seed Corporation (NSC)
  • Northern Coalfields (NCL)
  • North Eastern Electric Power Corporation Limited (NEEPCL)
  • Pawan Hans Helicopters Limited
  • Projects and Development India Limited (PDIL)
  • Rashtriya Chemicals & Fertilizers (RCF)
  • Security Printing and Minting Corporation of India
  • South Eastern Coalfields (SECL)
  • Telecommunications Consultants India (TCIL)
  • THDC India Limited
  • Western Coalfields (WCL)
  • WAPCOS Limited
    • Miniratna Category-II (9)
    1. Artificial Limbs Manufacturing Corporation of India
    2. Broadcast Engineering Consultants India Limited
    3. Engineering Projects (India) Limited
    4. FCI Aravali Gypsum and Minerals (India) Limited
    5. HMT International Limited
    6. Indian Medicines Pharmaceutical Corporation Limited
    7. Ferro Scrap Nigam Limited (FSNL)
    8. MECON
    9. National Film Development Corporation of India (NFDC)
    10. Rajasthan Electronics and Instruments Limited

    List of Other CPSUs

    1. Advanced Weapons and Equipment India
    2. Agrinnovate India Ltd.
    3. AFC India Limited
    4. Anushakti Vidhyut Nigam Limited
    5. Aravali Power Company Private Limited (APCPL) Jharli, Jhajjar
    6. Armoured Vehicles Nigam
    7. Bengal Chemicals and Pharmaceuticals Limited
    8. Bengal Immunity Limited
    9. Bharat Broadband Network (BBNL)
    10. Bharat Coal Gasification and Chemicals Ltd (BCGCL)
    11. Bharat Gold Mines Limited
    12. Bharat Immunologicals and Biologicals Corporation
    13. Bharat Refractories Limited, Bokaro
    14. Bharat Wagon and Engineering
    15. Bharatiya Reserve Bank Note Mudran
    16. BHAVINI
    17. BEML Midwest ltd.
    18. BHEL Electrical Machines Ltd. (EML)
    19. Bhor Sagar Port Limited
    20. Biotech Consortium India Limited
    21. Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL)
    22. Brahmaputra Cracker and Polymer Limited
    23. BrahMos Aerospace
    24. Bundelkhand Saur Urja Limited
    25. Convergence Energy Services Limited
    26. CSC e-Governance Services India Limited
    27. Cement Corporation of India
    28. Central Inland Water Transport Corporation Limited (CIWTC)
    29. Certification Engineers International Limited
    30. City and Industrial Development Corporation
    31. Chenab Valley Power Projects
    32. Damodar Valley Corporation (DVC)
    33. Dedicated Freight Corridor Corporation of India
    34. Delhi Metro Rail Corporation (DMRC)
    35. Delhi Transco Limited
    36. Delhi Transport Corporation
    37. Deposit Insurance and Credit Guarantee Corporation
    38. Digital India Corporation
    39. Dredging Corporation of India
    40. Electronics Corporation of India Limited (ECIL)
    41. Energy Efficiency Services Limited (EESL)
    42. Export Credit Guarantee Corporation of India
    43. Fertilisers and Chemicals Travancore Limited
    44. Fertilizer Corporation of India
    45. Food Corporation of India (FCI)
    46. Fresh & Healthy Enterprises Limited
    47. Gliders India
    48. Green Gas Limited
    49. Green Valley Renewable Energy Limited
    50. Grid Conductors Ltd
    51. Hemisphere Properties India Limited
    52. Hindustan Antibiotics Limited
    53. Hindustan Fertilizers Corporation Limited (HFCL)
    54. Hindustan Insecticides
    55. Hindustan Organic Chemicals Limited (HOCL)
    56. Hindustan Prefab Limited
    57. Hindustan Salts Limited
    58. Hindustan Shipyard Limited (HSL)
    59. Hindustan Teleprinters Limited (HTL)
    60. HURL Barauni
    61. Hindustan Vegetable Oils Corporation
    62. HSCC (India) Limited
    63. IHB Limited (a joint venture of IOCL, HPCL & BPCL)
    64. Indian Dairy Machinery Company Ltd. (IDMC)
    65. India Debt Resolution Company Limited (IDRCL)
    66. India Government Mint
    67. India Infrastructure Finance Company Limited (IIFCL)
    68. India Optel
    69. India Ports Global Limited
    70. India SME Asset Reconstruction Company Limited
    71. Indian Financial Technology and Allied Services
    72. Indian Highway Management Company Limited (IHMCL)
    73. Indian Immunologicals Limited
    74. Indian Medicine Pharmaceutical Corporation Ltd.
    75. Indian Port Rail Corporation Limited(IPRCL)
    76. Indian Potash Limited
    77. Indian Strategic Petroleum Reserves Ltd
    78. Indian Vaccine Corporation Limited
    79. Indraprastha Gas Limited
    80. Indradhanush Gas Grid Limited (IGGL)
    81. Infrastructure Leasing & Financial Services
    82. Industrial Finance Corporation of India Limited
    83. Inland & Coastal Shipping Ltd.
    84. Inland Waterways Authority of India
    85. Instrumentation Limited
    86. Intelligent Communication Systems India Limited (ICSIL)
    87. Irrigation and Water Resources Finance Corporation Limited
    88. Jal Power Corporation Ltd.
    89. Jute Corporation of India
    90. Karnataka Soaps and Detergents Limited
    91. Karnataka Vijayanagar Steel Limited, NMDC Steel
    92. Khadi Natural
    93. Khanij Bidesh India Ltd.
    94. Kolkata Metro Rail Corporation
    95. Konkan Railway Corporation
    96. Konkan LNG
    97. Krishnapatnam Railway Company Limited
    98. Life Spring Hospitals (P) Ltd.
    99. Madras Fertilizers
    100. Mahanagar Gas
    101. Millennium Telecom Ltd.
    102. Meja Urja Nigam Private Limited (MUNPL)
    103. National Capital Region Transport Corporation
    104. National Highways and Infrastructure Development Corporation Limited (NHIDCL)
    105. National Highways Logistics Management Company
    106. National High Power Test Laboratory (NHTPL)
    107. Narmada Hydroelectric Development Corporation
    108. National Industrial Corridor Development Corporation Limited
    109. National Informatics Centre Services Inc. (NIC)
    110. National Jute Manufactures Corporation Limited
    111. National Land Monetisation Corporation (NLMC)
    112. National Payments Corporation of India (NPCI)
    113. National Projects Construction Corporation Ltd (NPCC)
    114. National Textile Corporation
    115. NIIF Infrastructure Finance Limited
    116. NewSpace India Limited
    117. NEPA Mills Ltd.
    118. National Stock Exchange of India
    119. NSEIT
    120. NSPCL (NTPC- SAIL Power Company Limited)
    121. Open Network for Digital Commerce
    122. Orissa Drugs & Chemicals Ltd (ODCL)
    123. Petronet LNG
    124. Pipavav Railway Corporation Ltd. (PRCL)
    125. Power System Operation Corporation
    126. Praga Tools
    127. Prize Petroleum Company Limited
    128. Protean eGov Technologies Ltd (Formerly NSDL e-Governance Infrastructure Limited)
    129. PTC India (formerly Power Trading Corporation India Limited)
    130. Punjab Logistics Infrastructure Limited
    131. Railway Energy Management Company Limited (REMCL)
    132. Rajasthan Drugs & Pharmaceuticals Limited (RDPL)
    133. Ramagundam Fertilizers and Chemicals Limited
    134. Ratnagiri Gas and Power
    135. Ratle Hydroelectric Power Corporation (RHPC)
    136. Receivables Exchange of India Ltd (RXIL)
    137. Sagar Mala Development Company
    138. Semiconductor Complex Limited
    139. Smith Stanisteet Pharmaceuticals Limited
    140. Sethusamudram Corporation Limited
    141. Security Printing and Minting Corporation of India
    142. Sponge Iron India Ltd (SIIL)
    143. STCI Finance Limited
    144. State Farms Corporation of India
    145. Talcher Fertilizers Limited.
    146. Tourism Finance Corporation Of India Ltd.
    147. The Industrial Credit Company Limited
    148. UTI Infrastructure Technology and Services Limited (UTIITSL)
    149. Triveni Structurals Limited
    150. Utkarsha Aluminium Dhatu Nigam Limited
    151. UV Asset Reconstruction Company Limited
    152. Indo-Russia Rifles (IRRPL)
    153. Munitions India
    154. Troop Comforts
    155. Yantra India
    156. Tusco Limited.

    List of CPSUs privatized

    List of companies nationalized

    List of Central PSUs (Financial Services)

    Nationalised banks

    Currently there are 12 Nationalised Banks in India (Government Shareholding power is denoted in %, as of 30 September 2024):

    Regional rural banks

    Currently there are 28 Regional Rural Banks in India, as of 1 May 2025:[43]

    Nationalized insurance companies

    Currently there are 7 Nationalized Insurance Companies (Government Shareholding power denoted in %, as of 1 April 2020):

    Nationalized Market exchanges

    List of State PSUs

    Gujarat

    Kerala

    Maharashtra

    • Maharashtra Industrial Township Limited

    Tamil Nadu

    West Bengal

    See also

    References

    1. ↑ Kaushik, Kshama V.; Dutta, Kaushik (2012). “State-owned Enterprises or Public Sector Undertakings”. India Means Business. Oxford University Press. pp. 86–106. doi:10.1093/acprof:oso/9780198072614.003.0004. ISBN 978-0-19-807261-4. Retrieved 15 October 2023.
    2. ↑ “STATUTORY CORPORATIONS, COMPANIES AND OTHER BODIES IN WHICH THE GOVERNMENT OF INDIA HAVE FINANCIAL OR CONTROLLING INTEREST LOK SABHA SECRETARIAT” (PDF). Parliament of India, Lok Sabha. 1 September 2021.
    3. ↑ “Is PSU a government job? Public Sector Company Jobs, Salary & more”. The Times of India. 11 October 2022.
    4. 1 2 “Public Enterprises Survey 2019–20 | Department of Public Enterprises | MoHI&PE | GoI Page No. 1” (PDF). dpe.gov.in. Retrieved 31 May 2020.
    5. ↑ “Home | Ordnance Factory Board | Government of India”.
    6. ↑ “[IRFCA] Indian Railways FAQ: IR History: Early Days – 1″. www.irfca.org. Retrieved 15 May 2021.
    7. ↑ “Mahatma Gandhi believed in a self-sufficient village economy”. mkgandhi.org.
    8. ↑ Gosalia, Sushila (1 March 1979). “The Gandhian model of self-reliance in the Indian economy”. Intereconomics. 14 (2): 80–83. doi:10.1007/BF02930202. hdl:10419/139599. ISSN 1613-964X. S2CID 56358907.
    9. ↑ Mushtaq, Muhammad Umair (January 2009). “Public Health in British India: A Brief Account of the History of Medical Services and Disease Prevention in Colonial India”. Indian Journal of Community Medicine. 34 (1): 6–14. doi:10.4103/0970-0218.45369. ISSN 0970-0218. PMC 2763662. PMID 19876448.
    10. ↑ Amrith, Sunil S. (February 2009). “Health in India Since Independence” (PDF).
    11. ↑ Chaudhary, Latika (March 2009). “Determinants of Primary Schooling in British India”. The Journal of Economic History. 69 (1): 269–302. doi:10.1017/S0022050709000400. ISSN 0022-0507.
    12. ↑ Chaudhary, Latika (1 May 2012). “Caste, Colonialism and Schooling: Education in British India”. SSRN 2087140.
    13. ↑ Odgers, George Allen (October 1925). “Education in British India”. The Phi Delta Kappan. 8 (2): 1–6. JSTOR 20257440.
    14. ↑ “Chapter 1, Industrial Policy Handbook” (PDF). Industrial Policy Handbook. Office of the Economic Adviser, Ministry of Commerce and Industry. p. 2. Archived from the original (PDF) on 28 May 2015. Retrieved 17 September 2015.
    15. 1 2 Jadhav, Narendra. “Industrial Policy since 1956” (PDF). Dr. Narendra Jadhav. Retrieved 17 September 2015.
    16. ↑ Ghose, Shankar (1993). Jawaharlal Nehru. Allied Publishers. p. 243. ISBN 978-81-7023-369-5.
    17. ↑ Ahluwalia, Isher J. (1993). Productivity and Growth in Indian Manufacturing, part of Recent Developments in Indian Economy: With Special Reference to Structural Reforms, Part 2. New Delhi: Academic Foundation. p. 25. ISBN 978-81-7188-094-2.
    18. ↑ Baldev Raj Nayar, Globalization And Nationalism: The Changing Balance Of India’s Economic Policy, 1950–2000 (New Delhi: Sage, 2001)
    19. ↑ “Disinvestments-A Historical Perspective”. Bombay Stock Exchange. Retrieved 19 September 2015.
    20. ↑ Sankar, T.L.; Mishra, R.K.; Lateef Syed Mohammed, A. (1994). “Divestments in Public Enterprises: The Indian Experience”. International Journal of Public Sector Management. 7 (2): 69–88. doi:10.1108/09513559410055242.
    21. ↑ “Chapter-7 : FIVE YEAR PLANS” (PDF). Mospi.gov.in. Retrieved 22 July 2026.
    22. ↑ Babones, Salvatore (27 July 2011). “Why France Has a Much Better India Strategy Than America”. FP.
    23. ↑ Srivastava, Pankaj (27 July 2011). “I believe the neoliberal regime is also reaching a dead end: Prabhat Patnaik”. GOVERNANCENOW.
    24. ↑ Original govt. announcement about the Navratnas 1997 Archived 9 February 2012 at the Wayback Machine
    25. ↑ “Maharatnas, Navratnas: India’s best PSUs!”. Rediff.
    26. ↑ “Maharatna status for mega PSUs gets nod”. The Times of India. 25 December 2009. Retrieved 29 December 2009.
    27. ↑ “bsepsu.com”. www.bsepsu.com. Retrieved 25 July 2016.
    28. ↑ “Public Sector Undertakings in India”. Archived from the original on 31 October 2018. Retrieved 26 May 2017.
    29. ↑ “Public Enterprises Survey 2020–21 Volume 1” (PDF). Department of Public Enterprises | Ministry of Finance.
    30. ↑ “List of Maharatna and Navratna companies in India”. Dainik Jagran. 8 April 2021.
    31. ↑ “List of Maharatna, Navratna and Miniratna CPSEs”. Ministry of Finance. Retrieved 24 September 2021.
    32. ↑ “MDL Granted Navratna status by Govt”. 25 June 2024.
    33. 1 2 3 “KAVACH tender is of around ₹7,000 crore and will open on September 19, says RailTel Corporation – CNBC TV18”. CNBCTV18. 5 September 2024. Retrieved 7 September 2024.
    34. ↑ Shukla, Anuradha (19 February 2026). “Garden Reach Shipbuilders set for Navratna status as DPE clears proposal, final nod awaited”. The Economic Times. ISSN 0013-0389. Retrieved 20 February 2026.
    35. ↑ “Winners and losers of HZL privatisation”. The Times of India.{{cite web}}: CS1 maint: deprecated archival service (link)
    36. ↑ “Jessop and Co, one of India’s oldest companies, faces closure”. 2 November 2013.
    37. ↑ Tiwari, Dheeraj (22 April 2015). “Government may sell stakes in IDFC, Tata Communications via ETF route”. The Economic Times.
    38. ↑ “Axis Bank’s original promoter fully exits after three decades”. The Times of India. May 2023.
    39. ↑ “HDFC Bank to Sell 2% Stake in NSDL IPO”.
    40. ↑ “IDFC FIRST Bank announces completion of IDFC Ltd merger | Company Business News”. 28 September 2024.
    41. ↑ “NSDL IPO के जरिए SBI और NSE समेत ये 6 बेचेंगे 5 करोड़ शेयर, ऑफर फॉर सेल का है पूरा इश्यू”. Hindi.moneycontrol.com. Retrieved 22 July 2026.
    42. ↑ “FSNL: FSNL Privatization Sparks Controversy: Unions denounce Collusion Between Government and Private Companies | Raipur News – Times of India”. timesofindia.indiatimes.com. Retrieved 17 July 2026.
    43. ↑ [dead link]