Congress wants Centre to remove HLL Lifecare from disinvestment list

Thiruvananthapuram, Feb 22 (IANS) The full executive of the state Congress party at its meeting here on Wednesday passed a resolution asking the Centre to remove HLL Lifecare — a ‘Mini Ratna’ public-sector unit — from the disinvestment list.

The resolution stated that HLL was set up here on a 20-acre plot of land given by the state government in 1967 for the price of Re 1 per cent (100 cents make one acre).

“We have now heard that HLL is going to be disinvested and we express our strong protest on this move as this is one company which is making profit for the past two decades.

“This company is doing yeoman service in the health sector to the common man and hence the Centre should not go forward with their proposed decision to disinvest this company,” said the resolution moved by Neyattinkara Sanal and passed unanimously by the Congress party executive meeting.

Founded five decades ago as a condom manufacturer, HLL turned to contraceptives before branching out to various sectors, including construction and setting up of low-cost hospitals and providing diagnostic services.

The company is now in the process of setting up an integrated vaccine and a medical devices park — both in Tamil Nadu.

In the last fiscal, HLL closed with a total turnover of Rs 1,062 crore and profit after tax of Rs 35 crore.