Bhubaneswar: Seven Odisha government-run companies and corporations incurred a loss of Rs 794.98 crore during the financial year 2022-23, the CAG said in a report.
Comptroller and Auditor General of India (CAG) audited the financial performance of the State Public Sector Enterprises (SPSEs) for the financial year 2022-23 and mentioned its findings in a report, which was laid before the assembly Tuesday.
Of the 29 government companies and corporations audited by the CAG, seven entities incurred a loss of Rs 794.98 crore during the 2022-23 fiscal.
These seven public sector enterprises had incurred a loss of Rs 453.11 crore during the previous financial year 2021-22, the CAG said.
Out of the total loss of Rs 794.98 crore, the loss of Rs 788.73 crore was mainly contributed by two enterprises — GRIDCO Limited (Rs 778.18 crore) and Odisha State Road Transport Corporation (Rs 10.55 crore), it said.
The other loss-making SPSEs are Odisha Rail Infrastructure Development Limited, Odisha Tourism Development Corporation Limited, Kalinga Studios Limited, Odisha Sports Development and Promotion Company Limited and GEDCOL SAIL Power Corporation Limited, the report said.
The CAG has also found several loopholes in the state PSU Odisha Mining Corporation (OMC).
The OMC has 36 mining leases as March 2025, out of which 18 are operative, while the remaining 18 have been inoperative for the last several years.
The audit found that OMC had paid a penalty of Rs 3,761.88 crore for producing 29.47 million metric tonnes (MMT) during 2017-22 in excess of quantities permitted under environment and forest clearances.
It was also noticed that OMC paid Rs 602.27 crore for the production of 5.56 MMT of minerals during 2018-23 in excess of the quantities permitted under the consent to operate.
The state PSU extended an inter-corporate loan of Rs 3,211.71 crore to different entities without any policy for undertaking such financial risks. Out of this, an amount of Rs 947.80 crore has already been defaulted on by IDCOL, it said.
For improvement in production level in terms of quantity and quality, the OMC was executing six capital projects with an investment of Rs 5,495.90 crore. Out of these, only two were completed and others were still in progress, the CAG noted.
The auditor also found deficiencies in contract management for raising of ore, its uneconomic disposal and deficiencies in stacking it.
The CAG recommended that the government direct the OMC to take measures to effectively manage the operations of its mining leases, ensure the timely surrender of leases and avoid unwarranted extensions that lead to unnecessary expenditure.