Kolkata, Aug 22 (IANS) Bengal Chemicals and Pharmaceuticals (BCPL) is not aware of any government plan to close it down and is, on the contrary, on a turnaround path, Managing Director P.M. Chandraiah asserted on Monday.
“A few media reports have recently indicated that our company is going to be closed down. It is very surprising. As far as the BCPL management is concerned, we do not have any instruction from the ministry to close down the company,” Chandraiah told reporters here.
The Kolkata-based central PSU has improved its financial performance in the last few years, whittling down its loss at PBT (profit before tax) point to Rs 9.13 crore in 2015-16 from Rs 17.32 crore in the previous fiscal.
The 116-year-old company posted a turnover of Rs 88.19 crore in 2015-16, up from Rs 45.84 crore in the previous year.
Chandraiah said the company was going through a turnaround phase and likely to become profitable in this fiscal on the back of solid revival plans.
“In the last 3-5 years, the company has improved on all fronts. It is reviving rapidly. I am confident that BCPL will be making a net profit in 2016-17,” he said, adding the company took a slew of measures recently to make profit.
The company has three divisions — home care and personal care, pharmaceuticals, and chemicals. It hopes to garner Rs 100 crore revenue from its home and personal care business in the next three years.
BCPL is planning to tie up with a marketing firm to boost sales and also streamlining procurement processes to cut costs.
Bengal Chemicals was founded by Prafulla Chandra Roy, widely regarded as the Father of Indian chemistry, in 1901.
The company became the first Indian company to manufacture quality chemicals, drugs, pharmaceuticals and home products, employing indigenous technology and raw materials.
The company performed well until early 1970s. On December 15, 1977, the management of the company was taken over by the central government.