The Union Cabinet Wednesday approved loans of Rs 330.35 crore to three state-owned pharma companies to help them clear employees’ liabilities, and announced setting up of a ministerial panel to decide on the closure or sale of four PSUs.
The Cabinet, chaired by Prime Minister Narendra Modi, took the decision to provide budgetary support as loan to the tune of Rs 330.35 crore for meeting the employees’ liabilities of Indian Drugs & Pharmaceuticals Ltd (IDPL), Rajasthan Drugs and Pharmaceuticals Ltd (RDPL) and Hindustan Antibiotics Ltd (HAL).
“Budgetary support of Rs 330.35 crore would help in disbursing the unpaid salaries and providing support for VRS of employees of IDPL, RDPL and HAL. The decision would mitigate sufferings of more than 1,000 employees of these PSUs,” an official statement said.
Of the Rs 330.35 crore, Rs 158.35 crore will be utilised to clear unpaid salary and Rs 172 crore for meeting the VRS liability.