UPA approves revival package for seven units of FCI

By Staff
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Google Oneindia News

Kochi, May 9 (UNI) The UPA government has approved a revival package to re-open seven units of the Fertiliser Corporation of India (FCI), closed down during the NDA government, Union Chemicals and Fertilisers Minister Ram Vilas Paswan said today.

Delivering the 'Golden Jubilee Address' at the 50th anniversary celebrations of the Udyogmandal unit of the Hindustan Insecticides Ltd (HIL) here, Mr Paswan said the revival package could not be announced due to the Uttar Pradesh Assembly elections as one of the closed units was in Gorakhpur.

Once the Uttar Pradesh election formalities were over, the revival package for these units would be announced, Mr Paswan added.

Declaring that no sick or closed public sector undertaking under his ministry would be privatised, Mr Paswan said a revival package for the closed units of the Hindustan Fertilisers Corporation was also on the anvil.

He said the UPA had finalised revival packages to the tune of Rs 670 crore for the ailing FACT, Rs 220 crore for HIL and Rs 250 crore for Hindustan Organic Chemicals Ltd.

Revival packages had also been approved for restructuring Hindustan Antibiotics Ltd and Bengal Chemicals and Pharmaceuticals Ltd. The process of revival in the case of Indian Drugs and Pharmaceuticals Ltd (IDPL) had also been initiated, he added.

Congratulating the HIL employees for posting profits within one year of its restructuring, Mr Paswan exhorted the undertaking to explore areas such as agro-chemicals and bio-pesticides to maintain its growth.

Mr Paswan urged the Kerala government to accept the HIL's proposal for change of land use of its Udyogamandal site so as to maximise its activities.

Stating that public sector undertakings in the chemical sector were up against stiff private and global competition, Mr Paswan urged the employees to shed the old mindset and take on the private sector companies.

Pointing out that the chemical sector was completely decontrolled, Mr Paswan said of the Rs 50,000 crore turnover of the sector, PSUs had a share of only Rs 2,250 crore.

Charging private sector pharmaceutical companies with over-pricing drugs, he said medicines costing only 50 paise were being sold at Rs 40.

To bring down the drug prices, the new Pharmaceutical Policy was under the consideration of a Group of Ministers (GoM) set up by the cabinet, he said.

UNI

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