The six major listed Gujarat PSUs ( GMDC , GSPL , GSFC, GALK , GIPL and GNVFC ) with a cumulative market cap USD 2.4 billion have grown net profits by 13 percent CAGR over the last five years and 19 percent CAGR over the last 10 years, the report adds.

Modi, the prime ministerial candidate of the NDA, said that he believes that PSU performance can be improved by empowering the management and disinvestment was not the only option for a loss making PSU, the report says.
CLSA gives an example of GSFC, which was an ailing company with Rs 4000 crore loss in FY03 and Modi gave a free hand to the top bureaucrats in negotiating a turnaround without any political interference. The company makes a 15 percent RoE, the report says.

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