Cabinet clears need-based sale of surplus land of four Pharmaceuticals PSUs

The Union Cabinet has approved need-based sale of surplus land of four Pharmaceuticals PSUs to meet their outstanding liabilities. These four PSUs are Hindustan Antibiotics Limited (HAL), Indian Drugs & Pharmaceuticals Limited (IDPL), Bengal Chemicals and Pharmaceuticals Limited (BCPL) and Rajasthan Drugs and Pharmaceuticals Limited (RDPL). The sale of land will be done through open competitive bidding to government agencies and the outstanding liabilities will be met from sale proceeds. The remaining part of the land will be managed in accordance with the guidelines of the Department of Investment & Public Assets Management (DIPAM) and Department of Public Enterprises (DPE). In these PSUs, Voluntary Retirement Scheme (VRS) and Voluntary Separation Scheme (VSS) will also be implemented. After meeting the liabilities, Government will take steps to close RDPL and IDPL. Besides, the option of strategic sale will be also explored for BCPL and HAL.