Calcutta, Nov 27: The government is considering to work out a truncated revival package for the ailing public sector unit, Indian Drug & Pharmaceutical Ltd. Two of the five units of the company will be privatised and the rest will be revived.CPI's Rajya Sabha member Gurudas Dasgupta told The Financial Express that the union agriculture minister Surjeet Singh Barnala had assured him that IDPL will be revived.
"Recently, I had meetings with the agriculture minister Barnala and also finance minister Yashwant Sinha. Both of them assured that IDPL will be revived by the government but a part of it may be handed over to private parties and will be operated in a joint sector," Dasgupta said.
The earlier package was worked out by the United Front government, under the prime ministership of IK Gujral. The then agricultural minister Chaturanan Misra also supported the package.
In that Rs 264-crore revival plan, the government decided to attract joint sector partners for the Muzaffarpur and Madras unitsof IDPL within one year. In case of no response in that period, the units would be closed down. The three other units at Gurgaon, Rishikesh and Hyderabad were to be handed over to the respective state governments.
The revival package also stated that the land available with IDPL will be sold off and the proceeds would go to union government, which will then float a voluntary retirement scheme with that fund. A joint management council with representatives from trade unions and management was also proposed.
However, Dasgupta said that it is funds and not plans, which is necessary for IDPL.
"I am not worried about the revival plans of IDPL. We already have one plan of Rs 264 crore and another is likely to be worked out because I feel that earlier one is not financially adequate. I am worried whether the finance ministry will at all disburse funds for the revival of IDPL," he asked.
IDPL, which was incorporated in the early sixties, turned sick in 1992. At present, its workforce is around 13,000 and thecompany could not pay its salary to its employees in the last two months.
On Friday, members of the All West Bengal Sales Representatives' Union organised a demonstration against the non-implementation of the revival plan of IDPL. Apart from Dasgupta, CPI(M)'s MP at the Lok Sabha, Tarit Topedar, also addressed the gathering.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.