State PSUs asked to implement corporate governance manual

The direction was issued by Public Enterprise minister Prafulla Ghadai after reviewing the performance of the PSUs.

"Of the 32 state PSUs, 24 are making profit. We have asked all of them to ensure improvement in their conditions," Ghadai told reporters after the meeting.

Asking the PSUs to function on the line of corporate sector, Ghadai said the state-run corporations were categorised in four different parameters.

While most profitable bodies were given platinum status, the second level bodies had been categorised as gold.

Loss making PSUs were kept in bronze section while slightly better off organisations were kept under silver status, he said.

Orissa Mining Corporation (OMC) and Orissa Hydro-Power Corporation had been accorded platinum tag for their performace, he said.

While profit making bodies were told to further improve their conditions, loss making PSUs had been instructed to at least reach breakeven points, Ghadai said.

The PSUs which had incurred heavy loss and had no chance of reviving were asked to submit proposals to improve their condition by forging joint ventures with private parties.

The PSUs were also asked to sign MoUs with concerned departments to gain autonomy and function in corporate style.

"The PSUs can appoint any technocrat or professional as head of their organisation if needed," Ghadai said.

The PSUs which had not updated their annual audits must do it soon, the minister said adding profit making PSUs would be allowed to enlist themselves in the national stock exchange.

Loss making PSUs included Kalinga Iron Works Limited, Orissa Construction Corporation, Orissa Lift Irrigation Corporation and Orissa Rural Housing Development Corporation.