Chemicals and Fertiliser Minister Ram Vilas Paswan on Saturday ruled out divestment of loss-making Hindustan Antibiotics Ltd saying the government would revive the ailing public sector unit.
The company required some Rs 70 crore (Rs 700 million) to effect a turnaround of which Rs 40 crore (Rs 400 million) was available with the company in the form of land resources, Paswan said.
Paswan said he would visit the plant near Pune early next month to assess the situation and finalise plans for its revival along with Food and Agriculture Minister Sharad Pawar in whose constituency the unit falls.
Dwelling into the company's history, he said the unit was commissioned after Kasturba Gandhi's death due to shortage of crucial antibiotic medicines.
The loss-making unit had been put on the sell-off list by the previous NDA government as part of divestment policy.