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IDPL To Lease Out Core Block To Corporates
Posted by Pradeep Sadanapalli | January 15, 2008 | 500 views
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Loading ...The ailing Indian Drugs and Pharmaceuticals Limited (IDPL) has decided to lease out its administrative building in Balanagar to private companies.
The IDPL has earlier leased out some of its buildings and is in the process of leasing out 400 staff quarters. It has now decided to lease out its administrative building too.
The huge building, which has 60,000 square feet (sft) built up area spread over 3.2 acres in Balanagar, is being offered to corporates for a three-year lease term.
“The IDPL corporate office has cleared the proposal. We have invited applications and the lease process will be completed by the end of this month,’’ IDPL Hyderabad unit estate officer K S N Raju told ‘TOI’ on Monday.
Sources said IDPL took this decision as it was incurring about Rs 20 lakh expenditure every month, but was generating only Rs 10 to Rs 12 lakh revenue from the effluent treatment plant (ETP) and lease amount.
Over the past decade, the public sector undertaking (PSU) had cut down production in a phased manner and completely stopped making drugs in 2003. Only the effluent treatment plant is functioning with seven officers and 100 casual workers.
The IDPL plant is located in about 891 acres land in Balanagar and there is a township for employees a kilometre away from it. A few months ago, IDPL’s research and development (R&D) building was leased out to Niper Pharmacy College and two other buildings—field hostel and school building—in the township were also given on lease to Niper College hostel and Icfai University respectively. It earns about Rs 2.5 lakh per month as lease amount.
Meanwhile, IDPL has been trying to even lease out its staff quarters in the colony. Of the 858 quarters, 400 quarters are lying vacant since the closure of the drug company, and the rest have been occupied by its former employees.
The management invited applications to offer on lease its vacant staff quarters a few months ago. However, only a few companies came forward as the condition of the quarters is reportedly poor. One firm has shown interest to take 120 quarters for its staff.
Meanwhile, the IDPL is making efforts to get the quarters vacated by its ex-employees.
The IDPL unit at Hyderabad was started in 1967 and it used to manufacture 47 bulk drugs including vitamins, sulphers, chloroquine and methyl dopa. The plant had the capacity to produce 4,000 million tablets, 1,000 million capsules, 600 kilo litres of syrups and 600 metric tonnes of powders.
After the closure of the Hyderabad production unit, IDPL continued to operate its effluent treatment plant to treat chemical refuse of nearby industries in Balanagar.
SOURCES:
Times Of India
Topics: Business News |
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