27 out of 32 Odisha PSUs post profit in 2012-13

Amongst the profit making firms, cash rich mine PSU Odisha Mining Corporation (OMC) clocked a profit of Rs 896.10 cr

Twenty seven (27) out of 32 operational state run companies in Odisha have made profits in 2012-13.

While one of the PSUs — Odisha State Civil Supplies Corporation (OSCSC) maintained ‘no profit no loss’ position, four other firms- Odisha Film Development Corporation (OFDC), Konark Jute Ltd, Odisha Rural Housing Development Corporation (ORHDC) and Kalinga Studio Ltd incurred losses, said a written statement to the state assembly by Pradip Amat, minister for public enterprises.

The biggest loss was posted by ORHDC which ended last fiscal with a loss of Rs 58.36 crore.

Amongst the profit making firms, Odisha Mining Corporation (OMC) clocked a profit of Rs 896.10 crore. Next to OMC is Odisha Power Generation Corporation (OPGC) that turned profit of Rs 167.44 crore.

In the list of profit making entities are other PSUs — Odisha Industrial Infrastructure Development Corporation- Idco (Rs 77.07 crore), Odisha State Beverages Corporation (Rs 75.48 crore), Odisha Hydro Power Corporation- OHPC (Rs 47.13 crore), bulk power purchaser Gridco (Rs 31.79 crore) and Odisha Power Transmission Corporation Ltd- OPTCL (Rs 20.78 crore).

The minister said, the government has taken several steps to convert loss making PSUs into profitable ones.

The steps include right sizing of manpower as per the requirement of PSUs by introducing Model Voluntary Retirement Scheme/Model Voluntary Separation Scheme for state PSUs. For this purpose, the state government is providing financial assistance to the state PSUs. Other initiatives taken for turnaround of the PSUs are financial and debt restructuring, implementation of the Corporate Governance Manual, pursuing clear policy framework by categorising PSUs, induction of independent directors in the board of management of the state PSUs, signing of memorandum of understanding (MoU) by the PSUs with their administrative departments and induction of strategic investors in the loss making units for better functioning.