TANGEDCO, Transport Corporations incur losses in FY16-17:CAG

Tamil Nadu Generation and Distribution Corporation Ltd and eight transport corporations in the state together recorded heavy losses totalling Rs 8,836.21 crore for fiscal 16-17, a CAG report said today.

According to the report tabled in the Assembly, the state electricity board, TANGEDCO registered losses of Rs 5,786.82 crore while the eight transport corporations Rs 3,049.39 crore in 2016-17.

Of the 68 working PSUs, 39 public sector undertakings earned profit of Rs 931.08 crore while 25 PSUs incurred loss of Rs 9,366.31 crore.

The remaining neither reported profit nor loss, it said.

The state PSUs in total registered a turnover of Rs 1,10,850.43 crore as of March 2017.

On investments made by government, the report said 74 PSUs received investments of Rs 1,53,870.74 crore as on March 31, 2017.

Power sector accounted for 92.95 per cent of total investment made while service sector 3.20 per cent.

The state government contributed Rs 46,127.14 crore towards equity, loans and subsidies in 2016-17, it added.

Tamil Nadu Newsprint and Papers Ltd, Power Finance and Infrastructure Development Corporation were the major contributors to the exchequer in terms of revenue for the year 2016-17.

Tamil Nadu Newsprint and Papers Ltd clocked profit of Rs 257.53 crore, while Tamil Nadu Power Finance and Infrastructure Development Corporation recorded Rs 129.74 crore in FY2016-17.

TIDEL Park Ltd registered Rs 49.28 crore, IT Expressway Ltd clocked Rs 33.39 crore, Tamil Nadu Industrial Investment Corporation Ltd Rs 30.97 crore and Tamil Nadu Magnesite Ltd Rs 21.74 crore, it said.