Chandigarh: PSUs continue facing losses

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The report says that though the turnover of the working PSUs increased by 95.18 per cent, from Rs 18,756.18 crore during 2010-11 to Rs 36,608 crore in 2014-15, but their debts too simultaneously increased by 89.84 per cent — from Rs 19,936.66 crore to Rs 17,847.90 crore. The power sector accounted for over 91.95 per cent of the total investment for the year 2014-15.

Though 16 PSUs reported a profit of Rs 981.67 crore but seven PSUs reported losses of Rs 3,613.71 crore. The major losses were incurred by Dakshin Haryana Bijli Vitran Nigam Limited (Rs 2,088.65 crore) and Uttar Haryana Bijli Vitran Nigam Limited (Rs 1,465.01 crore). The major PSUs that earned profit are Haryana State Industrial Infrastructure Development Corporation Limited (Rs 748.59 crore), Haryana Power Generation Corporation Limited (Rs 108.21 crore) and Haryana Financial Corporation (Rs 51.83 crore).

About the Dakshin Haryana Bijli Vitran Nigam Limited (DHBVNL) and Uttar Haryana Bijli Vitran Nigam Limited(UHBVNL), the CAG report says that the DISCOMs suffered loss of Rs. 33.51 crore due to irregular termination of contract and overpayment to contractors. UHBVNL was also deprived of revenue of Rs. 2.70 crore due to supplying power under categories not conforming to tariff orders.

The CAG report also mentions that Haryana Tourism Corporation Limited also continue to suffer losses in its core activities since 2012-13 and it suffered a loss of Rs. 5.44 crore in 2014-15 due to high food and fuel cost, high manpower cost, lack of innovative marketing strategies and low quality of services at it complexes.

The Haryana Agro Industries Corporation Limited as also incurred loss of Rs. 7.89 core due to unscientific and improper preservation of wheat stock. The CAG report also says that the Haryana State Industrial and Infrastructure Development Corporation Limited granted undue favour of Rs. 1.89 core to an allottee by not charging interest on extension fee. The Haryana Power Generation Corporation Limited paid Rs. 4.71 core towards railway freight, custom duty, stamp duty and port charges on 21,631.43 MT of imported coal, which was not received.

The CAG report says that the Deenbandhu Chhotu Ram Thermal Power Plant at Yamunanagar gave “undue benefit Rs 229.32 crore” to Reliance Energy Limited due to non-deduction of the cost of incomplete works and release of undue payment of Rs. 73.54 crore.