15 Odisha PSUs incur Rs 507.36 crore loss: CAG

Bhubaneswar: The Comptroller and Auditor General (CAG) on Monday said 15 Public Sector Undertakings (PSUs) have incurred a loss of Rs 507.36 crore in Odisha.

According to the report on public sector undertakings for the year ended March 2017 tabled in the state Assembly, out of 56 working PSUs, 35 PSUs earned a profit of Rs 2,028.23 crore and 15 incurred loss of Rs 507.36 crore during October 2016 to September 2017.

One PSU prepared its accounts on ‘no profit no loss’ basis as the excess of expenditure over income was met from the subsidy from Government of Odisha/Government of India.

The CAG stated that five Odisha PSUs have not yet started their commercial production.

Major contributors to profit were Odisha Mining Corporation (Rs 1,320.51 crore), Odisha Power Generation Corporation (Rs 178.16 crore) and Odisha Hydro Power Corporation Limited (Rs 137.97 crore).

Heavy losses were incurred by Grid Corporation of Odisha (Rs 406.66 crore), Odisha Rural Housing and Development Corporation (Rs 42.93 crore) and IDCOL Kalinga Iron Works Limited (Rs 21.18 crore).