In 1997, the Government Identified nine leading well performing and high profit making public enterprises as Navratnas (Nine Precious Jewels).They have given special powers including to form new joint ventures, make new Investments and authorized to raise money. 1. Indian Oil Corporation Ltd. (IOC)
4. Oil and Natural Gas Corporation Ltd. (ONGC)
5. Steel Authority Of India Ltd. (SAIL)
6. National Thermal Power Corporation Ltd. (NTPC)
7. Bharat Heavy Electricals Ltd (BHEL)
8. Mahanagar Telephone Nigam Limited. (MTNL)
9. Gas Authority of India Ltd. (GAIL)
10.Bharat Electronics Ltd (BEL)
11.Hindustan Aeronautics Ltd. (HAL)
12.Power Finance Corporation (PGC)
13.National Mineral Development Corporation (NMDC)
14.Power Grid Corporation (PGC)
15.National Aluminium Company (NAC)
16.Rural Electrification Corporation (REC)
17.Shipping Corporation of India (SCI)
18.Coal India Limited.
Indian Petro Chemicals Corporation (IPCL) and Videsh Sanchar Nigam Limited (VSNL) were also given Navratna status, but they were subsequently privatized.
The Navratna status enables the Public Sector Enterprises to forge Joint Ventures both Within the Country and abroad, up to 15 Percent of their net worth of one thousand crore rupees, which ever is lower, without seeking permission from the concerned Ministry.
In 1997, the Government recognized another 97 profit making public enterprises as Miniratnas and granted them financial , managerial and operational autonomy.
The Miniratnas Companies have the operational freedom to Implement various strategic objectives to register growth. They can Decide on incurrence of Capital expenditure to the tune of Rs. 500 crore on new Projects, modernization and Purchase of equipment without referring to the Government for its approval. They also have the power to enter merges and acquisitions besides establishing joint ventures and subsidiaries in India up to 15 Percent of its new Worth .