GSPC posts Rs 170.6 bn loss, highest among Gujarat State PSUs: CAG report

Of the 77 working SPSUs, 54 made a combined profit of Rs 36.48 billion, while 14 of them, including GSPC, incurred losses totalling Rs 184.12 billion

The latest audit report by the Comptroller and Auditor General of India (CAG) has seen debt-laden Gujarat State Petroleum Corporation Ltd. (GSPC) emerge as the biggest loss-making state public sector undertaking (SPSU).

Among the 14 loss-making SPSUs under the Gujarat government, GSPC incurred the highest loss of Rs 170.61 billion.

The CAG report, tabled recently in the state assembly, showed that GSPC Ltd. booked an impairment loss of Rs 149.24 billion on 80 per cent participating interest and 10 per cent in KG-OSN-2001/3 block (KG Block).

The total loss of the company for the year 2016-17 stood at Rs 170.61