BS reported that Orissa government will list two of its profit making public undertakings Orissa Mining Corporation and Orissa Hydro Power Corporation in the stock exchange.

This was announced by Mr Prafulla Ghadai state finance minister after review of performance of state PSUs. Mr Ghadai said that out of 32 state owned companies, 24 were making profit. Of these, OMC and OHPC were most profit making with last reported profits of INR 716.86 crore and INR 27.14 crore respectively in 2009-10.

The government has divided all PSUs into four categories-Platinum, Gold, Silver and Bronze depending on their profitability, net worth, asset base and updated audit. Both OMC and OHPC have been put under the Platinum category.

The minister warned the loss making PSUs to tighten their belt and improve performance. Those companies whose net worth has eroded due to continuous losses will be put on the block for disinvestment.

Mr Ghadai said the state enterprises will be given more functional autonomy in the field of management, employment and financial and commercial decisions with induction of professionals and technocrats as directors.

Similarly, the government has decided to assist the PSUs in computerisation of their operation while introducing voluntary retirement schemes wherever required.

(Sourced from BS)