OSRTC, GRIDCO, ORHDC, OSFC among six state PSUs running at losses in Odisha

At least six state-owned public sector undertakings (PSUs) in Odisha are running at losses, Public Enterprises Minister Krushna Chandra Mahapatra informed the House recently.

Minister Krushna Chandra Mahapatra informed this in response to a question from MLA Upasana Mohapatra in the state assembly, who sought details of the loss-making state PSUs.

According to the Minister, the loss-making entities include GRIDCO Ltd, Odisha State Road Transport Corporation (OSRTC), Odisha State Financial Corporation (OSFC), Kalinga Studios Ltd, Odisha Rural Housing and Development Corporation (ORHDC), and Odisha State Cashew Development Corporation (OSCDC).

You May Like: Puri sisters shine on MasterChef India, offer prayers at Srimandir after national recognition

‘PSUs Facing Operational And Structural Challenges’

Explaining the reasons behind the financial stress, Mahapatra said each PSU is facing different operational and structural challenges. In the case of GRIDCO, losses have been linked to non-cost-reflective power tariffs and pending compliance issues involving erstwhile power distribution companies.

OSRTC has been grappling with mounting operational costs and structural constraints, while Kalinga Studios Ltd has struggled due to outdated infrastructure and the absence of modern equipment, which has affected its ability to generate adequate revenue.

For OSFC, lending operations have remained suspended for years, primarily due to staffing shortages and unresolved loan portfolios, impacting its financial viability. Similarly, ORHDC has been facing continued financial strain after its core business activities were discontinued, leading to limited revenue streams.

The Minister stated that the government is aware of the financial condition of these PSUs and is examining financial and structural corrective measures to revive and rationalise their operations.