Government on Wednesday approved sale of surplus land of four pharmaceutical public sector undertakings to meet their outstanding liabilities, after which steps to close two units will be taken up.
The sale of surplus land of Hindustan Antibiotics Ltd (HAL), Indian Drugs and Pharmaceuticals Ltd (IDPL), Rajasthan Drugs and Pharmaceuticals Ltd (RDPL) and Bengal Chemicals and Pharmaceuticals Ltd (BCPL) was approved by the Cabinet on Wenesday, an official statement said. The sale would be to meet the outstanding liabilities of these public sector undertakings (PSUs), it added.
"The sale would be through open competitive bidding to government agencies and the outstanding liabilities will be met from the sale proceeds," the statement added. Voluntary Retirement Scheme (VRS) / Voluntary Separation Scheme (VSS) will also be implemented in these organisations.
The remaining part of the land will be managed in accordance with the guidelines of the Department of Investment and Public Assets Management (DIPAM) and Department of Public Enterprises (DPE), the statement said. "After meeting the liabilities, steps will be taken to close IDPL and RDPL. The option of strategic sale will be explored for HAL and BCPL," the statement said.
The Department of Pharmaceuticals, the administrative department for these undertakings, will take time bound follow-up action, it added.