23 PSUs incurred loss of Rs 11,923 crore: CAG report

Chennai:

Of the 67 working public sector units, 40 PSUs earned a profit of Rs 592.09 crore and 23 PSUs incurred a loss of Rs 11,923.59 crore, according to a report of Comptroller and Auditor General of India.

The report listed Tamil Nadu Newsprint and papers Limited (Rs 149 crore), State Industries Promotion Corporation of Tamil Nadu Limited (Rs 82.84 crore), Tamil Nadu Industrial Investment Corporation Limited (Rs 52.82 crore) and Tamil Nadu Power finance and Infrastructure Development Corporation Limited (Rs 64.43 crore as those among the PSUs which were profitable.

The report also stated that Tamil Nadu Electricity Board incurred a heavy loss of  Rs 10,294 crore and all the eight state transport corporations Rs 1,575 crore.

A review of three years audit shows that state PSUs losses of rs 5,128 crore and infructous investments of Rs 542 crore were controllable with better management.

The report also said that 26 working PSUs had arrears of 39 accounts as of September 30, 2011 of which 13 accounts pertained to earlier years and the remaining were 2010-11 accounts. There were nine non-working PSUs including two under liquidation and the report suggested that government many consider winding up these companies.