Date:22/11/2005 URL: http://www.thehindubusinessline.com/2005/11/22/stories/2005112203210900.htm

Back IDPL to submit revival package to BIFR soon

Our Bureau

Hyderabad , Nov. 21

PAVING way for early revival, Indian Drugs and Pharmaceuticals Ltd (IDPL), the ailing public sector drug major, is going to submit its fresh revival proposal to the Board for Industrial and Financial Reconstruction (BIFR) in the next couple of weeks.

The Chairman of the High Power Revival Committee for IDPL, Dr Jivtesh Singh Maini, who is an Additional Secretary and Financial Advisor in the Union Ministry of Chemicals and Fertilisers, disclosed this to newspersons here on Monday.

According to him, the BIFR is expected to take two-three months to clear the revival package, clearing decks for faster revival of the company.

Aimed at putting all the five units of IDPL back on track, the Government has recently sanctioned Rs 1 crore to each of the units towards overhauling of plant and machinery. The Government is also willing to pump in additional funds of Rs 15 crore required by these units for commencing manufacturing activities, he said. "The five units of IDPL at Hyderabad, Chennai, Gurgaon, Rishikesh and Muzaffarpur have a total asset base of over Rs 15,000 crore. They have highly sophisticated plant and machinery to produce a number of drugs at a low cost.

The Government, with the objective of ensuring healthcare to masses, is very keen on reviving the company. Once the units are back on track, they will be handed over to professionals to run them successfully. We expect the banks and financial institutions to come forward to extend working capital loans once the overhauling of machinery is completed," Dr Maini said.