MIN­IMIS­ING LI­A­BIL­I­TIES

Hindustan Times (Lucknow) - - Nation -

▪ Two years ago, the union cabi­net de­cided to sell land of four un­der-per­form­ing state-owned firms in the pharma busi­ness to meet their out­stand­ing li­a­bil­i­ties.

▪ These were Hin­dus­tan An­tibi­otics Lim­ited, In­dian Drugs & Phar­ma­ceu­ti­cals Lim­ited, Ra­jasthan Drugs & Phar­ma­ceu­ti­cals Lim­ited and Ben­gal Chem­i­cals & Phar­ma­ceu­ti­cals Lim­ited. ▪ Sell­ing land is a pop­u­lar and vi­able route for fund­ing re­vival pack­ages of state-owned com­pa­nies.

▪ In 2016, the union cabi­net

ap­proved a plan to mon­e­tise al­most 1600 acres of land be­long­ing to the four com­pa­nies and spread over dif­fer­ent parts of the coun­try. The four com­pa­nies have a to­tal land of 2352 acres.

▪ When the panel asked if there were other ways to make these com­pa­nies prof­itable, the govern­ment main­tained that in view of the cabi­net de­ci­sion to off­load stakes, no com­ment can be of­fered at this stage.

▪ The to­tal li­a­bil­i­ties of the three ail­ing com­pa­nies amount to ₹20,358 crore. Out of this, the li­a­bil­ity for IDPL stands at ₹ 10,866 crores, BCPL, ₹ 8681 crore and HAL, ₹811 crore.

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