Mangaluru : Chief Minister Siddaramaiah conferred Mangalore Electricity Supply Company is one among the three companies on Monday, June 15 in Bengaluru.

The award was conferred on the Karnataka Power Transmission Corporation Limited (KPTCL), the Mangalore Electricity Supply Company and the B R Ambedkar Development Corporation by Chief Minister’s Ratna award for 2014-15.

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 lac each.

Speaking on the occasion CM Siddaramaiah stated that 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 conducive atmosphere for investment”, he added.