Efficiency of Working Capital Management of Maharatna Companies in Indian Oil Sector: An Empirical Assessment.

The oil sector, one of the eight essential industries in India, makes a significant contribution towards developing the economy. Due to changes brought by the liberalization of economy, a number of oil companies in India which had grown exponentially over the years in a virtually non-competitive environment started facing increasingly severe competition. Therefore, a paradigm changes in Indian oil sector also become inevitable to meet the new challenges. The companies operating in this sector forced to reorient their strategies for managing their working capital (WC). Some of them have been able to adopt themselves to the new situation while other could not so reorient. In this backdrop, the present paper attempts to analyse the efficiency of managing WC of Maharatna oil companies during the period 2006-07 to 2020-21. The efficiency of Working Capital Management (WCM) of the companies under study has been analysed using Bhattacharya Model (1995). While tackling the issue relevant statistical tools and techniques have been applied at appropriate places. [ABSTRACT FROM AUTHOR]