Indian Cabinet To Close Pharma Firm?
The Indian Cabinet will shortly decide on a proposal which will seal thefate of the state-owned company, Indian Drugs and Pharmaceuticals Ltd.
The proposal recommends the withdrawal of the government's support for IDPL as a promotor so that the country's Board for Industrial and Financial Reconstruction can decide either to close the business or effect a change in its management, according to local industry sources.
In May last year, trouble started for the company when the state-owned Industrial Development Bank of India recommended in a report to the BIFR that the cost of reviving the ailing company be fixed at 3.89 billion rupees ($107.4 million). The IDBI, however, warned that the revival package was perhaps the last resort for saving the business.
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