Mangaluru, June 16, 2015: The Mangalore Electricity Supply company (Mescom) and two other PSUs bagged Chief Minister’s Ratna award for 2014-15 on Monday.
The Ratna award 2014-15 were conferred to Mangalore Electricity Supply Company, Karnataka Power Supply Company and B R Ambedkar Development Corporation by Chief Minister Siddaramaiah presented at Bengaluru.
The annual award is given to State-run Public Sector Undertakings (PSU) that have made profit for three years in a row. Besides, a PSU should have complied with the corporate social responsibility norms to qualify for the award.
A committee headed by Additional Chief Secretary to the Department of Public Enterprises selects the PSUs for the award, which carries a cash prize of Rs 5 lakh each. Speaking after giving away the award, Siddaramaiah said about 45 of the 60 State PSUs are now making profit. Governments in the past set up PSUs in order to create employment opportunities to people in the State. But now private sector is eager to invest. The State has a conductive atmosphere for investment, he added.