As many as 17 public sector undertakings (PSUs) operating in Orissa have made a cumulative loss of Rs 1152.65 crore by the end of 2008-09.
Worried over the mounting losses of the PSUs, the government has embarked upon a programme to either privatise or restructure these companies.
The state government is exploring joint venture or divestment option for Kalinga Studios Ltd which made a loss of Rs 3.16 crore by the end of 2008-09. The government is also considering the options either to merge another loss making PSU- Idcol Kalinga Iron Works Ltd or privatize it. This PSU had a cumulative loss of Rs 21.39 crore by 2008-09 end.
This was informed by minister for Planning & Coordination A U Singhdeo in the state assembly.
The PSUs which have been incurring losses are Idcol Software Ltd (Rs 0.49 crore), Orissa Tourism Development Corporation- OTDC (Rs 2.16 crore), Orissa Lift Irrigation Corporation (Rs 2.58 crore), Kalinga Studios Ltd (Rs 3.16 crore), Orissa Pisciculture Development Corporation (Rs 5.50 crore), Orissa Bridge & Construction Corporation (Rs 12.18 crore), Orissa Small Industries Corporation- OSIC (Rs 14.22 crore), Industrial Promotion and Investment Corporation of Orissa Ltd-Ipicol (Rs 20.11 crore), Idcol KalingaWorks Ltd (Rs 21.3 crore), Konark Jute Ltd (Rs 24.13 crore), Orissa Rural Housing and Development Coproration (Rs 46.48 crore), Orissa Agro Industries Corporation (Rs 51.99 crore), Orissa Power Transmission Corporation Ltd (Rs 89.43 crore), Orissa Forest Corporation Ltd- OFDC (Rs 159.19 crore), Orissa State Road Transport Corporation- OSRTC (Rs 221.10 crore) and Orissa State Financial Corporation- OSFC (Rs 377.20 crore).
The restructuring of various units of OTDC is under the active consideration of the state government. For the Orissa Lift Irrigation Corporation, the restructuring plan approved by the state government, is under implementation.
Similarly, the restructuring plan for Orissa Pisciculture Development Corporation is being prepared through a consultancy firm.
The restructuring of OSIC and Ipicol is underway while the privatization process for Konark Jute Ltd is under the supervision of the Orissa High Court.
Also, the restructuring plan of Orissa Agro Industries Corporation is in progress.
For OFDC, a high-level committee under the chairmanship of the Development Commissioner is reviewing the progress of implementation of the restructuring plan, financial arrangement of forest trading activities and framework of restructuring of current liabilities of the corporation.
The restructuring of OSRTC and OSFC is also underway and a professional has been engaged as the Managing Director of OSFC.
