Premier corporate and the most valuable Public Sector Undertaking ONGC was formally conferred Maharatna Status today by Shri Vilasrao Deshmukh, Hon’ble Union Minister of Heavy Industry and Public Enterprises.
Mr. R S Sharma, CMD, ONGC received the ‘Maharatna’ certificate from the Hon’ble Minister at a conference organized by ASSOCHAM with the support of the Ministry of HI&PE on the theme- “Resurgent PSUs- Vibrant India.” On this occasion, all four PSEs, viz. ONGC, IOC, SAIL and NTPC, who were Navaratna since 1997 and declared ‘Maharatna’ on 19th May this year, received the certificates in the inaugural function of this conference.
The Maharatna status to select PSEs ensures more empowerment in decision making and encourages becoming globally competitive.
While presenting this certificate, Shri Deshmukh congratulated the employees & managements of all ‘Maharatnas’. In his Conference inaugural speech, the Hon’ble Minister remarked that the “best practices of ONGC & ONGC Videsh Ltd. are worth emulating by others”.
The status of Maharatna is a tribute to the robust and reliable public sector enterprises that helped the national economy during the recent global financial downturn, reaffirmed Shri Arun Yadav, Hon’ble Minister of State for Heavy Industries and Public Enterprises.
Speaking on the occasion, Mr. R S Sharma, CMD ONGC congratulated Team ONGC in its continuous pursuit for excellence year on year and exhorted them to take on the challenges ahead in retaining the position of World’s No.1 E & P Company (as per Platts).
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,