Protest against Centre's decision on BCPL's disinvestment
Kolkata: Employees' union launched a protest against the Centre's decision on disinvestment of the Bengal Chemicals and Pharmaceuticals
Ltd (BCPL) that has been making profit for the last three years.
"We feel this is a political decision and an attempt to encourage land sharks who are ready to take possession of the land that we have at two locations in the state. We are a profit making organisation for the last three years and we have cleared bank loan to an extent of Rs 28 crores. The employees are happy with the work environment and there is no problem with the payment of wages. The decision has come as a bolt from the blue," said Subhash Chandra Bose, working president Bengal Chemical Employees Union.
In 2016, the sale of land for the central public sector undertaking was decided by the Union cabinet, challenging which Bengal Chemical Sramik Kormochari Union had moved the Calcutta High Court.
The unions affiliated to all political parties opposed to the BJP are fighting a legal battle in the Calcutta High Court that has issued a stay order against sale of land of BCPL.
BCPL has two units one at Maniktala and another at Panihati while the other two are located outside Bengal at Kanpur and Dadar. "We have not received any intimidation from the Centre in this regard," BCPL managing director PM Chandraiah said.
The company had reported a net profit of Rs 4.5 crore in 2016-17, for the first time in six decades and has made an income of Rs 120 crore and a profit of Rs 25 crore in fiscal 2018-19.
It presently stands in the first position among the 13 PSUs in the health and pharma sector across the country
The company is hopeful of becoming a debt free organisation by 2022 and wipe off bank loans entirely.
The company had paid Rs 13 and Rs 15 crores, respectively in 2016-17 and 2017-18 to clear the bank
loans. Founded by legendary chemist Acharya Prafulla Chandra Roy in 1901, BCPL has improved its performance from Poor Corporate Governance Rating in 2013-14 to Excellent Corporate Governance Rating from 2015-16 onwards.
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