PIONEER EDGE NEWS SERVICE/ Ramnagar
With the Ramnagar-based factory of Indian Medicines Pharmaceutical Corporation Limited (IMPCL)-the premier public sector unit operating under the Union Ministry of AYUSH- being sold off to a private firm, the employees said that they were facing uncertainty regarding their jobs. Notably, under the Government of India’s strategic disinvestment process, the factory has been sold to Skymap Pharmaceuticals Private Limited for Rs 121 crore. The locals are worried too. They say that the factory has remained a major source of employment, spurring economic activity in the region.
The biggest concern following the privatisation is the future of the employees working in the factory. IMPCL used to provide direct and indirect employment to over 500 people from Ramnagar, Mohan, Kumeria and Salt aside from rural areas close by. As per the factory insiders, around 50 to 60 permanent employees cannot be removed from service by the private company, which has taken over it, for one year. However, after the completion of this period, the company will be free to decide as per its own policies and requirements. Meanwhile, nearly 450 temporary employees are considered highly vulnerable, as the private management may terminate their services at any time if it is deemed necessary.
Sensing a bleak future staring at them, the employees had staged demonstrations for months opposing the transfer of the factory to private hands. Several social organisations and locals had also thrown their weight behind the agitating employees. The principal opposition party in the state, the Congress had stepped in, too. While the former chief minister Harish Rawat had demanded that the factory be protected, the Leader of the Opposition in the Lok Sabha, Rahul Gandhi had raised the issue in the Parliament, questioning the government’s stand on the future of the company and its workers.
The president of the IMPCL Employees’ Union, Jaipal Singh Rawat alleged that the factory had been sold at a throwaway price far below its actual value. “Even after deducting all liabilities and debts, the actual assets of IMPCL are estimated to be around Rs 150 crore. Besides, the company currently holds fixed deposits worth nearly Rs 50 crore, while around Rs 40 crore in GST refunds is still pending. These figures reveal that the private buyer has effectively received a direct benefit of nearly Rs 90 crore,” he said, adding that the deal was an injustice meted out to the employees and the local population.
The locals echo these concerns, saying that if the private company proceeds with large-scale layoffs, the impact will not just remain limited to the factory alone but negatively affect the regional economy. “Small shopkeepers, transport operators and local markets may also suffer financial setbacks as they depend upon the families of the factory’s employees,” a local said.
“Following the privatisation, we are now closely watching the future policies of both the government and the new management of the company. We will decide our future course of action as things develop,” stated Rawat.
