Sale of land by 3 PSU pharma firms cleared
The Cabinet on Wednesday approved the sale of
surplus land of ailing state-owned pharma companies Indian Drugs &
Pharmaceuticals Limited (IDPL), Rajasthan Drugs & Pharmaceuticals
Limited (RDPL),
and Bengal Chemicals & Pharmaceuticals Limited (BCPL) to pay off their existing
liabilities.
While IDPL and RDPL will be closed down after
settling their current liabilities, the Union government will explore the
option to undertake a strategic sale of BCPL and Hindustan Antibiotics Limited
at a later stage, according to an official statement.
“In
this way, the national assets would be utilized in the best national interest.
The sale (of land) would be through open competitive bidding to government
agencies and the outstanding liabilities will be met from the sale proceeds.”
The public sector firms have also been asked
to implement a Voluntary Retirement Scheme and Voluntary Separation Scheme for
their employees.
The remaining part of their land assets will
be managed in accordance with norms set by the Department of Investment &
Public Assets Management.
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