Which of the following Central Public Sector Enterprises (CPSE) does not fall under the category of 'Maharatna' listed (January, 2020) by the Department of Public Enterprises, Government of India ?

The correct answer is (D) Oil India Limited.

• As of January 2020, the Department of Public Enterprises (DPE) granted 'Maharatna' status to select Central Public Sector Enterprises (CPSEs) based on specific financial criteria, including an average annual turnover of over ₹25,000 crore and an average annual net profit of over ₹5,000 crore during the last three years.
• Oil India Limited (OIL) is currently classified as a 'Navratna' company, not a 'Maharatna' enterprise. The Maharatna category represents the top-tier CPSEs in India with higher financial and operational autonomy to undertake large-scale expansion and joint ventures.
• Options (A) Bharat Heavy Electricals Limited (BHEL), (B) Coal India Limited (CIL), and (C) Indian Oil Corporation Limited (IOCL) were all recognized as Maharatna companies as of the specified date, hence they do not meet the criteria of the question asking for the non-Maharatna entity.