Thursday, 20 November 2025

Summary of Nationalised Companies – Original Owners, Year of Government Takeover & Reasons

 

Company / Bank / PSUOriginal Owner / FounderYear Taken Over by GOIReason for Government Takeover
Air India (Tata Airlines)J. R. D. Tata / Tata Group1953Nationalisation of airlines to create unified national carrier
Indian AirlinesMultiple private airlines (Kalinga – Biju Patnaik, Deccan Airways, etc.)1953Domestic airline consolidation
BPCL (Burmah Shell)Burmah Oil Company (British)1976Oil sector nationalisation; reduce foreign control
HPCL (Esso + Caltex)Esso Standard Eastern Inc. (USA), Caltex1974–76Strategic petroleum security
Oil India Ltd. (OIL)Burmah Oil Company (UK) & GOI JV1981 (majority)National interest in oil exploration
HAL (Hindustan Aeronautics)Walchand Hirachand (Indian industrialist)1942 (partial), 1964 (full)Defence sector strategic control
Hindustan Shipyard Ltd.Scindia Steam Navigation Company1961Defence shipbuilding needs
Mazagon Dock ShipbuildersPrivate British shipyard1960Defence and naval shipbuilding
GRSE (Garden Reach Shipbuilders)British private company1960Naval/defence ship requirement
Biecco LawrieBritish electrical engineering firm1972Sick industry; protect workers
Burn Standard CompanyBurn & Co., Indian Standard Wagon1976Revival of failing heavy industry
British India Corporation (Kanpur)British industrial group1981Textile mills in financial crisis
Bengal Chemicals & PharmaceuticalsAcharya P. C. Ray1977 (management), 1980 (nationalized)Revival of sick unit; protect jobs
National Textile Corporation (NTC Mills)Various private textile mill owners1972–74Large-scale sickness of textile mills
Punjab National BankLala Lajpat Rai & Indian nationalists1969Bank nationalisation to expand credit
Bank of BarodaMaharaja Sayajirao Gaekwad (Baroda State)1969Public sector banking expansion
Bank of IndiaD. K. Sathe & Mumbai businessmen1969Strengthen financial stability
Canara BankAmmembal Subba Rao Pai1969Expand rural/priority sector lending
Central Bank of IndiaSir Sorabji Pochkhanawala1969Improve credit access; prevent failures
Andhra BankDr Bhogaraju Pattabhi Sitaramayya1980Second phase bank nationalisation
Allahabad BankEuropean investors (1865)1969Public sector banking reforms
Dena BankDevkaran Nanjee family1969Public control of banking
Syndicate BankPai brothers & Vaman Kudva1969Banking sector stability
Corporation BankC. K. Manayangar1980Improve rural credit
Oriental Bank of CommerceLala Sohan Lal1980Financial system strengthening
New Bank of IndiaMool Chand Chhabra & others1980Banking nationalisation
Vijaya BankA. B. Shetty1980Expand govt-controlled banking
LIC (Life Insurance Corporation)245 private life insurers1956Protect policyholders; end fraud
General Insurance Corporation (GIC)107 private insurers merged1972Regulate & unify insurance industry
National Insurance CompanyPrivate promoters1972Insurance nationalisation
New India AssuranceSir Dorabji Tata1972Insurance consolidation
United India InsurancePrivate insurers1972Public interest & sector stability
Oriental Insurance CompanyOriental Fire & General Insurance (private)1972Insurance sector control
Coal Companies (BCCL, ECL, WCL, CCL, NCL)Private coal mine owners1971–73Coal nationalisation due to unsafe mining, labour abuse

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