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The government has decided to close 2 pharma public sector undertakings (PSUs) and disinvest the other 3, Parliament was informed on Tuesday.
"The Department of Pharmaceuticals has five public sector undertakings. Out of the five PSUs, the government has taken a decision to close two pharma PSUs, namely Indian Drugs & Pharmaceuticals Ltd. (IDPL), Rajasthan Drugs & Pharmaceuticals Ltd. (RDPL)," Minister of Chemicals and Fertilisers DV Sadananda Gowda said in response to a question in the Lok Sabha.
The government has also decided to strategically disinvest the other three— Hindustan Antibiotics Ltd., Bengal Chemicals & Pharmaceuticals Ltd., and Karnataka Antibiotics & Pharmaceutical Ltd. The government has offered voluntary retirement benefits to all employees of IDPL and RDPL.
"However, the Committee of Ministers constituted on Sept. 9, 2019, will take necessary decisions pertaining to closure/strategic sale of the pharma public sector undertakings, including the sale of assets and clearance of outstanding liabilities," Gowda added.
Source: bloombergquint.com, business-standard.com
Written by Siddhant Sharma
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