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Bengal Chemicals and Pharmaceuticals Ltd. hopes to clear its existing debts through improvement of cash generation and sale of surplus land by end of the 2017-18 Fiscal Year, a top company official said on Sunday.
The state-run pharmaceuticals company has an outstanding debt of Rs 200 crore from the Centre and Rs 13 crore debt from the public sector lender United Bank of India (UBI). It expects to obtain Rs 300 crore from the land sale.
"The objective of the land sale is to reduce the liability. We have got approval from the Centre to sell surplus land of 25.07 acres at our Panihati manufacturing plant. A tender has already been floated," Managing Director and Director (Finance) P.M. Chandraiah said.
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