46 PSUs earn profit for statehttps://indianexpress.com/article/cities/ahmedabad/46-psus-earn-profit-for-state/

46 PSUs earn profit for state

If 42 PSUs made collective profit to the tune of Rs 3,363.96 crore, the collective loss of 20 units ran into Rs 1,111.85 crore.

Audit report by the Comptroller and Auditor General Of India tabled in the Assembly said that of total 72 working Public Sector Units (PSU) of the Government of Gujarat, during the financial year 2013-2014, 46 earned profit and 20 of them ran into losses.

If 42 PSUs made collective profit to the tune of Rs 3,363.96 crore, the collective loss of 20 units ran into Rs 1,111.85 crore.

The major contributors to the profit were Gujarat State Petronet Limited (Rs 659.98 crore), Gujarat Mineral Development Corporation Limited (Rs 629.59 crore) and Gujarat Gas Company Limited (Rs 611.93 crore).

Major loss-making companies were GSPC Pipavav Power Company Limited (Rs 307.10 crore), Gujarat State Energy Generation Limited (Rs 151.21 crore), GSPC Gas Company Limited (Rs 134.68 crore), Gujarat State Road Transport Corporation (Rs 132.50) and Gujarat State Financial Corporation (Rs 112.36.crore).

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The report also highlighted deficiencies in the management of PSUs, which resulted in serious financial implications. It pointed out that Gujarat State Road Development Corporation Limited incorrectly calculated the value of work done leading to excess payments of price variations of Rs 4.76 crore to the contractors.

In another instance, Gujarat State Petroleum Corporation Limited did not obtain forest clearance for use of reserve forest area resulting in avoidable standby charges of Rs 541.68 crore. Besides, Naini Coal Company Limited contravened the terms of allotment, resulting in de-allocation of the allocated mine and invocation of performances guarantee of Rs 16.25 crore in January 2013.

Information Technology audit of operations and maintenance of GSPC Gas Company Limited revealed that due to lack of password policy it was running with risk of unauthorised access and vulnerability to the entire database.