49 Gujarat PSUs posted profit, 13 incurred losses: CAG

GANDHINAGAR: As many as 49 Public Sector Undertakings (PSUs) of Gujarat Government posted a collective profit of Rs 3,725.62 crore, while 13 others incurred loss to the tune of Rs 613.17 crore during 2014-15, the CAG report tabled in the state Legislative Assembly today said.

The report stated that till March 2015, there were 81 state-owned PSUs in Gujarat, out of which, 68 were working, while the rest were non-functional.

The major contributors to the profit were Gujarat State Petronet Ltd (Rs 660.32 crore), Gujarat Gas Ltd (Rs 641.44 crore), Gujarat Minerals Development Corporation Ltd (Rs 635 crore) and Gujarat Energy Transmission Corporation Ltd (Rs 412.65 crore).

Major loss-making state PSUs were Gujarat State Road Transport Corporation (Rs 183.58 crore), Gujarat State Energy Generation Ltd (Rs 130.04 crore), Gujarat State Financial Corporation (Rs 94.81 crore) and Gujarat Water Infrastructure Ltd (Rs 91.37 crore), the report said.

68 working PSUs registered a turnover of Rs 1,06,553 crore as per the latest financial accounts till September 2015. The turnover was equal to 12.42 per cent of state's Gross Domestic Product (GSDP) for 2014-15, and they had employed 1.10 lakh employees, it said.

The CAG suggested the government to wind up 13 non-functional state PSUs, which are existing since 1995-96 and have investment of Rs 799.43 crore.

The report said that the turnover of state PSUs had increased gradually from Rs 63,008 crore in 2010-11 to Rs 1,06,553 crroe in 2014-15. Simultaneously, debts also increased from Rs 26,862 crore in 2010-11 to Rs 42,509 crore in 2014-15.