NEW DELHI: 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. "As funds could not be generated through sale of surplus land, the employees in few of the PSUs (HAL and RDPL) could not be paid salaries and VRS scheme floated. As such, it was decided to dispose of the land as per revised DPE's guidelines and seek up-front budgetary support for meeting employees' liabilities," the statement said.

Source: Economic Times July 17, 2019 15:11 UTC