Chemical and Pharmaceuticals Minister, Mr Ram Vilas Paswan on Monday said a Rs 761-crore revival package has been prepared for the state-run pharma firm IDPL that would soon be presented before the cabinet for approval.

"As part of our exercise to put PSU pharma units on the recovery path, a revival package of Rs 761 crore for Indian Drugs and Pharmaceuticals Ltd has been proposed and it will be put up before cabinet to seek its approval,'' Mr Paswan told reporters here Monday.

When asked about the shape of the proposed package Pharmaceuticals Secretary, Mr Ashok Kumar said, "We have proposed to provide cash assistance to IDPL in order to infuse fresh life into it.''

The central government has already revived Hindustan Antibiotics and the Bengal Chemicals and Pharmaceuticals with an estimated cost of Rs 550 crore, Mr Paswan said, adding the efforts are on to rejuvenate other PSUs as well.

Admitting that steel industry was facing recessionary pressures, Paswan, who is also the union steel minister, said his ministry is concerned about the problems faced by the steel sector and would put in all efforts to resolve their issues so as to achie ve sustainable growth.