List of Miniratna Companies in India | 5paisa (2024)

Miniratna companies form a particular category of government-owned enterprises in India that enjoy greater operational freedom and financial autonomy than other public sector undertakings. These companies are significant in driving economic growth and contributing to various sectors, ranging from telecommunications and aviation to defence and engineering.

What Is a Miniratna Company?

A Miniratna company is a public sector enterprise (PSE) that has consistently demonstrated excellent financial performance and operational efficiency. The Indian government grants these companies enhanced autonomy and decision-making powers, enabling them to function more flexibly and compete effectively in their respective industries.
Miniratna companies operate under the ownership and control of the Indian government but are granted a higher degree of independence in their day-to-day operations. This autonomy allows them to make strategic decisions regarding investments, joint ventures, and other business initiatives without seeking frequent approvals from the government.

List of Miniratna Companies in India 2024

As of 2024, the Indian government has conferred the Miniratna status on 73 companies. Based on their financial performance and eligibility criteria, these companies are further categorised into two tiers: Miniratna Category I and Miniratna Category II.

Miniratna Category I
This group encompasses approximately 57 Miniratna companies, as listed in the table below:

Miniratna Category II
This category consists of about 11 companies, as detailed below:

Miniratna Companies In India: Overview

Here is a brief overview of 10 leading Miniratna companies in India:
Airports Authority of India (AAI)

Established in 1995, AAI is responsible for developing civil aviation in India. They manage over 137 airports, including

24 international and 103 domestic ones. AAI's duties include:
● Building new airports.
● Upgrading existing ones.
● Maintaining infrastructure.
● Providing air traffic control to ensure safe and efficient air travel across the country.

Bharat Dynamics Limited (BDL)
Founded in 1970, Bharat Dynamics Limited (BDL) is a key player in India's defence sector. BDL designs develops and manufactures various missiles, torpedoes, launchers, and other underwater weapon systems for the Indian armed forces. By focusing on local production, BDL helps India become more self-reliant in critical defence equipment.

Bharat Sanchar Nigam Limited (BSNL)
Established in 2000, Bharat Sanchar Nigam Limited (BSNL) is India's largest state-owned telecommunications company. It offers various services, including mobile phone connectivity (2G, 3G, 4G), broadband internet access, and landline connections for homes and businesses. BSNL ensures widespread and affordable communication services across the nation.

Cochin Shipyard Limited (CSL)
Founded in 1972, Cochin Shipyard Limited (CSL) is a leading shipyard on India's southwest coast. CSL specialises in constructing and repairing various vessels, including large commercial ships, complex warships for the Indian Navy, and offshore structures used in oil and gas exploration. CSL contributes significantly to India's maritime trade and defence capabilities.

Dredging Corporation of India (DCI)
Established in 1946, the Dredging Corporation of India (DCI) is a premier company. It maintains the required depths in ports and waterways to allow the safe navigation of large ships. DCI also assists in land reclamation projects by creating new land from shallow water areas and provides environmental dredging services to maintain healthy marine ecosystems.

Garden Reach Shipbuilders & Engineers (GRSE)
Founded in 1884, Garden Reach Shipbuilders & Engineers (GRSE) is one of India's oldest and most respected shipyards. Located in Kolkata, GRSE designs, builds, and repairs warships for the Indian Navy. Their expertise includes stealth frigates, anti-submarine warfare corvettes, fast patrol vessels, and submarines, which are crucial in equipping the Indian Navy.

Goa Shipyard Limited (GSL)
Established in 1955, Goa Shipyard Limited (GSL) is a prominent shipyard on India's west coast. GSL constructs and repairs specialised vessels for the offshore oil and gas industry, including offshore support vessels, barges for transporting equipment and personnel, and other custom-built ships. GSL supports India's energy sector by ensuring self-reliance in offshore resources.

India Tourism Development Corporation (ITDC)
Established in 1966, the India Tourism Development Corporation (ITDC) promotes and develops tourism in India. It constructs and manages hotels, restaurants, and other tourism infrastructure, including iconic properties like Ashok Hotels. ITDC also runs duty-free shops at major airports and actively promotes tourism destinations through marketing campaigns and collaborations with travel agencies.

Indian Railway Catering & Tourism Corporation Limited (IRCTC)
Established in 1997, the Indian Railway Catering & Tourism Corporation Limited (IRCTC) revolutionised onboard dining for train passengers. IRCTC provides train catering services, manages food stalls and restaurants at railway stations, and offers budget hotels near stations. It also develops tourist packages that combine train travel with sightseeing, making travel convenient and affordable.

IRCON International Limited
Founded in 1979, IRCON International is a leading construction and engineering company under the Ministry of Railways. IRCON undertakes various infrastructure projects, including new railway lines, track electrification, and bridges and tunnels. Their work extends to several countries in Asia and Africa, contributing to infrastructure development and fostering regional connectivity and economic growth.

How Are Miniratna Companies Categorised?

Miniratna companies in India are categorised into two tiers based on their financial performance and eligibility criteria:

● Miniratna Category I: To be eligible for Miniratna Category I status, a company must have consistently earned profits over the past three years, with a pre-tax profit of at least ₹30 crore in at least one of those years. Additionally, the company must maintain a positive net worth.

● Miniratna Category II: For Miniratna Category II status, a company must have earned profits continuously over the past three years and maintained a positive net worth. Furthermore, it should have recorded a pre-tax profit of at least ₹20 crore in one of those years or maintained an average annual turnover of at least ₹80 crore during the same period.

Eligibility Criteria to Become a Miniratna Company

To be granted the Miniratna status, public sector enterprises (PSEs) in India must meet specific eligibility criteria set by the government. These criteria ensure that only financially sound and well-performing companies are awarded this coveted status. The key eligibility criteria are as follows:

● Consistent profitability: The company must have consistently earned profits over the past three years.
● Minimum pre-tax profit: For Miniratna Category I, the company must have recorded a pre-tax profit of at least ₹30 crore in at least one of the past three years. Miniratna Category II's minimum pre-tax profit requirement is ₹20 crore in one of the past three years.
● Positive net worth: The company must maintain a positive net worth, indicating financial stability and solvency.
● Clean track record: The company should not have defaulted on loan repayments or interest payments owed to the government.
● Financial independence: The company should operate independently and not rely on budgetary support or government guarantees for its financial stability.

Contribution of Miniratna Companies to the GDP Miniratna companies in India play a crucial role in contributing to the country's Gross Domestic Product (GDP). These companies operate across various sectors, including manufacturing, infrastructure, energy, and services. Their operational efficiency, financial strength, and autonomy enable them to undertake large-scale projects, drive innovation, and create employment opportunities.

While the exact contribution of Miniratna companies to India's GDP is not publicly disclosed, it is widely acknowledged that their collective impact on the economy is significant. These companies contribute to the nation's economic growth through revenue generation, investments, and exports, among other factors.

Advantages of Miniratna Companies in India

Miniratna companies in India enjoy several advantages and benefits compared to other public sector undertakings. These advantages enable them to operate more efficiently, make timely decisions, and adapt to changing market conditions. Some of the key advantages are:

● Operational autonomy: Miniratna companies have greater autonomy in their day-to-day operations, allowing them to make decisions quickly and respond to market dynamics effectively.

● Financial flexibility: These companies can make investment decisions up to certain limits without seeking government approval, enabling them to capitalise on growth opportunities promptly.

● Enhanced decision-making: Miniratna companies can form joint ventures, establish subsidiaries, and collaborate with other companies, allowing for strategic partnerships and diversification.

● Increased competitiveness: The autonomy and financial flexibility granted to Miniratna companies help them compete more effectively with private sector companies in their respective industries.

● Improved governance: Miniratna companies must maintain high corporate governance and transparency standards, fostering professionalism and accountability.

Conclusion

Miniratna companies in India play a vital role in driving economic growth, contributing to various sectors, and representing the country's public sector prowess on a global stage. With their operational autonomy, financial flexibility, and commitment to excellence, these companies continue to showcase India's entrepreneurial spirit and innovative capabilities.