The Sale of Surplus Land of Four Pharmaceutical PSUs Approved By Cabinet.

To meet the Pharmaceuticals PSUs outstanding liabilities, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the sale of surplus land of Hindustan Antibiotics Limited (HAL), Indian Drugs & Pharmaceuticals Limited (IDPL), Rajasthan Drugs & Pharmaceuticals Limited (RDPL) and Bengal Chemicals & Pharmaceuticals Limited (BCPL), as would be required. Because of this step, the national assets would be utilized in the best national interest.

Through open competitive bidding the sale would be to government agencies and the outstanding liabilities will be met from the sale proceeds. In these Public Sector Undertakings, Voluntary Retirement Scheme (VRS) / Voluntary Separation Scheme (VSS) will also be implemented.

In accordance with the guidelines of the Department of Investment & Public Assets Management (DIPAM) and Department of Public Enterprises (DPE) the remaining part of the land will be managed.

To close IDPL and RDPL, after meeting the liabilities, steps will be taken. For HAL and BCPL, the option of strategic sale will be explored. The Department of Pharmaceuticals, the administrative department will take time bound follow-up action for these undertakings.

Source: http://www.pib.nic.in/