24 of 44 PSUs in J&K loss-making, four non-functional: UT govt to Assembly

JAMMU: Out of the 44 public sector undertakings in Jammu and Kashmir, 24 are making losses and four are non-functional, the Union Territory government informed the Assembly on Tuesday.

The government said it is examining ways to strengthen the sick PSUs and improve their operational and financial performance.

In a written reply to a question by legislator Javaid Riyaz, Deputy Chief Minister Surinder Kumar Choudhary said the Union Territory has 10 profit-making PSUs, 24 loss-making PSUs, four non-functional PSUs, two statutory corporations, and one dormant PSU.

He identified the profit-making PSUs as J-K Bank, J-K State Power Development Corporation Limited, J-K Medical Supplies Corporation Limited, J-K Cable Car Corporation Limited, J-K Women’s Development Corporation, J-K Bank Financial Services (a subsidiary of J-K Bank), J-K Police Housing Corporation, Chenab Valley Power Projects Limited (a central PSU joint venture with JKSPDC), Ratle Hydroelectric Project Corporation Limited (a central PSU joint venture with JKSPDC), and J-K Development Finance Corporation Limited (a central PSU with UT government equity).

According to the reply, the loss-making PSUs include J-K Industries Limited; J-K SC, ST and BC Development Corporation; J-K Trade Promotion Organisation; J-K Horticultural Produce Marketing and Processing Corporation; J-K Power Corporation Limited (Trading); Kashmir Power Distribution Corporation Limited; J-K Handicrafts Sales and Export Corporation; J-K State Power Transmission Company Limited; Srinagar Mass Rapid Transit Corporation, and J-K Agro Industries Development Corporation Limited.

The other loss-makers include J-K Forest Development Corporation Limited; J-K EDI Foundation; J-K State Handloom Development Corporation Limited; Jammu Power Distribution Corporation Limited; J-K SIDCO Limited; Jammu Mass Rapid Transit Corporation; J-K Tourism Development Corporation; J-K Small Scale Industries Development Corporation Limited; J-K Cements Limited; J-K Projects Construction Corporation Limited; J-K Infrastructure Development Finance Corporation Limited; Jammu Smart City Limited; Srinagar Smart City Limited and J-K Minerals Limited.

The two statutory corporations — J-K and Ladakh Finance Corporation and J-K State Road Transport Corporation — are also running in losses.

Among the non-functional PSUs, Choudhary said, are Overseas Employment Corporation; J-K Road Development Corporation, J-K Handloom and Handicrafts RMSO Limited, Tawi Scooters Limited, Himalayan Wool Combers Limited, J-K IT Infrastructure Private Limited, and International Trade Centre, J-K.

The dormant PSU is J-K Asset Reconstruction Limited.

“Strengthening and revival of sick or loss-making PSUs, including measures related to infrastructure and manpower, are being examined by the respective administrative departments to improve their operational and financial performance,” the deputy chief minister said. (PTI)