Cong, Left asks CAG to quantify losses in KG Basin

New Delhi: Congress and Left members today demanded in the Parliament`s Public Accounts Committee meeting that CAG should quantify the exact loss incurred by the government till now in the Reliance India Limited-run KG Basin project. In the PAC meeting today, Saifuddin Soz (Cong) and Prasanta Chatterjee (CPI-M) asked the CAG to come up with the quantum of loss incurred by the government in the KG Basin project till present, sources said.

They insisted that since CAG has analysed losses only upto 2008 in his report the real picture is not clear. CAG Vinod Rai made a presentation on his report on the KG Basin project and pointed out that government had incurred losses in the Production Sharing Contract (PSC) with Mukesh Ambani-led RIL. He insisted that since this was the first Public Private Partnership (PPP) project being assessed by CAG, the losses could not be quantified as the criteria to be applied in such a project was different. CAG mainly deals with financial aspects of contracts and projects handled wholly by the PSUs and the government.