Net worth of 11 PSUs in minus Rs 3,148.02 cr; liabilities exceed value of total assets: CAG
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Srinagar, Sept. 20 -- The net worth of 11 Public Sector Undertakings (PSUs) in J&K has been completely eroded by accumulated losses, a report by the Comptroller and Auditor General (CAG) of India has said.
The liabilities of these state-owned enterprises have far exceeded the value of their total assets. They have gone into red despite budgetary support worth crores of rupees.
The national auditor of India further revealed that on March 31, 2021, the state turned union territory had 42 PSUs. The accumulated losses of 18 of its PSUs have touched Rs 3,655.92 crore.
The J&K government by the end of previous fiscal made Investments in its 42 PSUs in the form of equity and long-term loans worth Rs 18,332.90 crores. It has consistently been ...
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