Date: 22-Jul-2019

Union Cabinet approves Rs.330 crore loan to help three PSU pharma cos

The Union Cabinet has approved loans worth Rs.330.35 crore for three public sector pharma companies for meeting the employees’ liabilities. The three PSU companies are Indian Drugs & Pharmaceuticals Limited (IDPL), Rajasthan Drugs and Pharmaceuticals Ltd (RDPL) and Hindustan Antibiotics Limited (HAL). Around Rs.158 crore will be utilised to clear the unpaid salaries and another Rs.172 crore will go towards meeting VRS liability. HAL will get Rs.280.15 crore, while RDPL will get Rs.43.7 crore and IDPL Rs.6.50 crore. The decision would mitigate sufferings of more than 1,000 employees of these PSUs, an official statement said. Cabinet also approved the constitution of a committee of ministers to take all decisions pertaining to the closure or strategic sale of four public sector undertakings, including the sale of assets and clearance of outstanding liabilities.