IndianOil was formally conferred the Maharatna status. The Maharatna certificate was presented by Union Minister for Heavy Industries & Public Enterprises Vilasrao Deshmukh to Chairman, IndianOil, B M Bansal in the presence of Minister of State for Heavy Industries & Public Enterprises Arun Yadav; Secretary, Dept. of Public Enterprises Bhaskar Chatterjee and Secretary, Dept. of Heavy Industries, B S Meena. The Maharatna status provides for enhanced autonomy and operational flexibility.