Dikhyaa Mohanty 
Seven state-run companies and corporations in Odisha posted a combined loss of ₹794.98 crore in the financial year 2022–23, according to a report by the Comptroller and Auditor General of India (CAG) tabled in the Assembly on Tuesday. The audit assessed the financial performance of 29 State Public Sector Enterprises (SPSEs), of which seven entities reported losses during the fiscal. The total loss marks a significant rise from ₹453.11 crore recorded by the same set of entities in 2021–22.
Two businesses were responsible for the majority of the losses. Odisha State Road Transport Corporation recorded a loss of ₹10.55 crore, while GRIDCO Limited alone accounted for ₹778.18 crore. Their combined contribution to the whole losses was ₹788.73 crore. Odisha Rail Infrastructure Development Limited, Odisha Tourism Development Corporation Limited, Odisha Sports Development and Promotion Company Limited, Kalinga Studios Limited, and GEDCOL SAIL Power Corporation Limited were among the other companies that were losing money.
The Odisha Mining Corporation’s (OMC) numerous operational and financial irregularities were also brought to light in the CAG report. Only 18 of OMC’s 36 mining leases were in use as of March 2025; the others had been dormant for a number of years. According to the audit, OMC was fined ₹3,761.88 crore for exceeding environmental and forest clearance limitations by producing 29.47 million metric tons between 2017 and 2022. The company also paid ₹602.27 crore for manufacturing 5.56 million metric tons more than what was allowed under “consent to operate” regulations between 2018 and 2023.
Concerns were also raised over financial management practices. The PSU extended inter-corporate loans worth ₹3,211.71 crore without a defined policy framework, exposing it to financial risks. Of this, ₹947.80 crore has already defaulted, primarily by IDCOL.
