State-owned explorer Oil India Ltd has been granted the coveted 'Navratna' status by the government, a move that will empower the company board.
"OIL has been awarded with Navratna status (by) Ministry of Petroleum and Natural Gas," the company said in a statement.
Navratna or crown jewel, status would allow the company to invest up to Rs 1,000 crore in capital expenditure and acquisitions without having to go to government for approval.
"This (Navaratna status) will bring OIL in to global giants, wherein various powers has been delegated to OIL Board that have comparative advantage and capacity to become global giants," it added.