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The Cabinet has approved the sale of excess land being held by four public sector pharmaceutical companies, an official statement said on Wednesday. This is the first step to the closure of two of the four government-owned pharmaceutical companies.
The land will be sold to help the four companies — Hindustan Antibiotics Ltd (HAL), Indian Drugs & Pharmaceuticals Ltd (IDPL), Rajasthan Drugs and Pharmaceuticals Ltd (RDPL) and Bengal Chemicals and Pharmaceuticals Ltd (BCPL) — meet their outstanding liabilities, the statement said.
The sale of surplus land would be conducted through open competitive bidding to government agencies, it added.
“The remaining part of the land will be managed in accordance with the guidelines of the Department of Investment and Public Assets Management and Department of Public Enterprises,” the statement said.
The sale of land would be the first step to the closure of these public sector units. “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,” it was announced.
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