Bhubaneswar, Nov 29 (LocalWire): An estimated 70% of investment that the state had pumped into Public Sector Undertakings (PSUs) fetched no return by way of dividends.
The state government’s investment stood at Rs 4,974.21 crore in PSUs comprising government companies (Rs 3,741.51 crore), co-operative societies (Rs 679.57 crore), statutory corporations (Rs 550.99 crore) and others (Rs 2.14 crore).
Of the 147 PSUs, only 12 entities had paid dividends. These included two rural banks, nine government companies, (which included two power sector Companies) and one statutory corporation.
Rs 3,501.94 crore or 70 per cent of the total investment fetched no return by way of dividend in 2017-18, according to the latest Comptroller and Auditor General (CAG) report.
Rs 66.22 crore was received as dividend against total investment of Rs 4,974.21 crore during 2017-18.
Out of the total investment of Rs 4,974.21 crore, Rs 2,684.35 crore (54 per cent) was invested in four power sector companies. Out of these, only two companies paid dividend of Rs 35.92 crore (54 per cent).
The percentage of return decreased from 12.80 per cent in 2016-17 to 1.33 per cent in 2017-18. This was mainly due to non receipt of dividend from Odisha Mining Corporation (OMC).
The state received the bulk of the dividend from Odisha Mining Corporation (OMC) in previous years.
However, OMC abiding by Supreme Court order had to deposit Rs 2,200 crore as fine in Odisha Minerals Bearing Area Development Corporation (OMBADC) account in 2017-18.
Thus, the corporation ended with no profit during the year and no dividend was received from OMC in 2017-18.