Five Orissa government-owned concerns have caused losses to the tune of Rs 1,144 crore between 2003 and 2008 because of malfunctioning, according to Comptroller and Auditor General of India (CAG)?s latest report.
The CAG, which has reviewed the performance of the Orissa Mining Corporation (OMC), the IDCOL Kalinga Iron Works Ltd., Industrial Promotion and Investment Corporation of Orissa Ltd. (IPICOL), Orissa State Beverage Corporation Ltd (OSBCL) and Orissa Power Generation Corporation (OPGC) for the five-year period, has found number of irregularities in production, inventory and cash management.
Rapping the OMC, the CAG has said that in 50 years of its existence it has only explored 63% of the mines area leased to it by the state govt. It failed to achieve the targeted production during 2003-08 in spite of fixation of low target.