New Delhi: Iron ore miner NMDC has suffered Rs 745.94 crore revenue loss during 2007-10 for not revising the domestic prices of the steel-making raw material in line with prevailing market rates, government auditor CAG said.
"...due to non-revision of domestic prices by the company (NMDC) in line with movement of market price, the company has suffered a revenue loss of Rs 754.94 crore during 2007-10," CAG said in a report, tabled in Rajya Sabha, today.
The government auditor also said by extending unwarranted reduction in price, NMDC had passed Rs 600.83 crore benefit to customers during 2010-11.
"Further, not increasing the prices by full percentage in line with increase in export prices led to a loss of Rs 227.40 crore during the same period," CAG said....more
01:05 PM, Dec 20, 2012