The State-run Public Sector Undertakings (PSUs) have accumulated losses to the tune of ₹80,925.82 crore from 68 units, including one statutory corporation, for the year ending March 31, 2016.
The losses are mainly due to the performance of the power and transport sectors, according to the Comptroller and Auditor General (CAG) report on Public Sector Undertakings for the year ending March 2016.
The State had six non-working PSUs and the government had invested ₹69.61 crore in these units.
Overall, the PSUs had 2.91 lakh employees on their rolls, and posted a net loss of ₹14,894.66 crore.
The CAG report showed that out of the 68 working PSUs, 21 incurred a loss of ₹15,684.69 crore, while 41 garnered a profit of ₹811.27 crore.
Power and transport are the two major sectors to which the losses have been attributed.
The Tamil Nadu Generation and Distribution Corporation (Tangedco) posted a loss of ₹12,756.59 crore, while its accumulated loss stood at ₹65,222.10 crore. Eight State transport corporations posted a loss of ₹2,600.25 crore.
Three PSUs neither earned profit nor incurred loss, while two newly formed PSUs — Tamil Nadu Polymers Industries Park Ltd. and Madurai-Thoothukudi Industrial Corridor Development Corporation Ltd. — did not finalise their accounts, the CAG said.
Noting that there were six non-working PSUs, including one under liquidation, the CAG suggested that the government take a decision regarding the winding up of these units.
The report also gave a bird's-eye view of the irregularities in PSUs. It stated that for instance, Tamil Nadu Industrial Investment Corporation Ltd. did not draft a corporate plan setting out long-term goals and strategy, and that its proposals were adversely affected by the fixation of ad hoc targets and belated approval by the board of directors, among others. Tamil Nadu Industrial Development Corporation Ltd. had suffered a loss of ₹46.65 crore due to non-collection of service charge as per the joint venture agreement.
The report also noted the Tamil Nadu State Transport Corporation (Coimbatore) Ltd. suffered a potential revenue loss of ₹ 9.58 crore due to incorrect rejection of valid tenders, while unwarranted delays in rectification of a rotor fault in a hydropower station resulted in an additional expenditure of ₹44.74 crore.
