News Flash

KSEB seeks support of employees to turn around sick state PSU

Thiruvananthapuram: Loss making public utility service, the Kerala state Electricity Board, has expressed concern over its financial crisis and sought workers’ co-operation to overcome it. In a letter to representatives of workers Unions, Board Chairman and Managing Director NS Pillai said the Board was facing a financial crisis and its accumulated losses as per the statutory audit of 2016-17 stood at Rs 1,877 crore. He said KSEB was finding it difficult to deposit its share into the Employees Master Pension and Gratuity Trust. Seeking their co-operation to turn around KSEB, Pillai in his recent letter, said all incomplete power projects should be completed on time bound basis and maximum potential of non-conventional energy sources have to be used. Efforts should be made to collect debts due to the board, he said. KSEB’s financial crunch comes at a time when the CPI(M)-led LDF government is working out a package to bail out the ailing Kerala State Road Transport Corporation (KSRTC). The financial situation of KSRTC has resulted in non-payment of pension to about 40,000 former employees.