OTDC, Gridco Among 8 PSUs Running On Loss In Odisha

Bhubaneswar: Eight of 36 state-owned companies in Odisha are incurring losses. The loss-making units are Odisha Tourism Development Corporation (OTDC), Gridco, Odisha State Road Transport Corporation (OSRTC), Industrial Development Corporation of Odisha Limited (Idcol), Odisha Rural Housing and Development Corporation (ORHDC), Idcol Kalinga Iron Works Limited (IKIWL), Idcol Ferro Chrome and Alloys (IFCA) and Odisha State Financial Corporation (OSFC).

Public Enterprises Minister Ashok Chandra Panda also informed the Assembly that no steps have been taken to privatise these companies.

The minister attributed the losses in OTDC and OSRTC to COVID-19 pandemic. To stop losses and make OTDC profitable, the government has improved infrastructure of Panthanivas/Yatrinivas/Panthika, digitised booking and operation and is promoting packages and circuits. Services are being strengthened through training and professionalism, improving guest complaint and redressal mechanisms while special attention is being given to sanitation and cleanliness.

Official sources said Idcol is facing losses due to payment of compensation under the Mines and Minerals (Development and Regulation) Act. In the absence of recovery from the economically weaker sections and other schemes, ORHDC is in the red. While IKIWL and IFCA failed to earn profits due to the use of old technology and heavy production expenses, OSFC is making losses as many industrial house could not repay loans and cases related to repayment of loan are sub judice.

To cut expenses, the government is allowing employees to take VRS from service. The companies have ben asked to follow corporate governance manuals for better management, the sources added.