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PM Narendra Modi approves sale of India's first pharma company



Prime Minister Narendra Modi approves sale of India's first pharma company

The Cabinet chaired by Prime Minister Narendra Modi approves the sale of India’s first pharma firm company, Bengal Chemicals and Pharmaceuticals Ltd.

The Cabinet also sanctioned closure of Indian Drugs and Pharmaceuticals Ltd. and Rajasthan Drugs and Pharmaceuticals Ltd.

These will be the first privatization since the sale of Jessop and Co. under the NDA government headed by PM Atal Bihari Vajpayee in 2003-2004.

The Cabinet finalizes the sale of surplus land of HAL, IDPL, RDPL and BPCL, as would be required to meet their outstanding liabilities

Proceeds from sale of land, which would be done through the open tender, will go towards meeting liabilities of the companies, including payment for VRS for employees.

The strategic sale approval is just the second in over 12 years and in September Cabinet had cleared strategic sale of Bharat Pumps and Compressors Ltd.


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