Bengal Chemicals employees protest against Centre's decision to sell major stake

The 115-year-old-Bengal Chemical and Pharmaceuticals Works Limited which is connected with Bengal's history is likely to be closed down soon as the Central government has decided to sell its major stake.

Started by Acharya Prafulla Chandra Roy, a professor of Chemistry in Presidency College on April 12, 1901, the factory played a major role in the Swadeshi movement. Roy inspired his students to start business instead of service.

In several articles, he criticised the lackadaisical of attitude of the Bengalis to do business. The Manicktala factory was set up in 1905 and soon, three other factories were set up in Panihati in 1920, Mumbai in 1938 and Kanpur in 1949.

Finding no other options, the employees of BCPL have approached the Prime Minister seeking his intervention.

The Union Minister for Chemicals and Pharmaceuticals and Parliamentary Affairs while replying to a question in the Rajya Sabha said that it had been decided to put BCPL on strategic sale.

Much of the surplus land would be sold to the government agencies to clear the liabilities along with implementation of VRS schemes etc.

The employees said that because of several steps taken by the management, the heritage company had made a turn-around.

As a result, the company reported a gross margin (PBDIT) of Rs 1.65 crore in 2014-15 and Rs 11 .24 crore in 2015-16 on a total income of Rs 65 crore and Rs 113 crore respectively.

For the half year which ended on September 30 2016, the company not only reported PBDIT of Rs 10.97 crore but also reported a net profit of Rs 1.16 crore which is for the first time in the recent history of the company.

The company received Excellent MoU rating and also Excellent Corporate Governance rating in 2015-16.

The employees said when the company was making a turn-around the decision to sell it would be most unfortunate.