In a first-of-its-kind move, two universities in the country have come together to jointly buy a sick public sector undertaking.
The University of Calcutta and the Jadavpur University are set to buy the ailing National Instruments Limited in Kolkata for use in the future as an advanced research lab.
Ruling Left Front sources said there was no ideological conflict involved as the universities needed to improve their infrastructure. After the buy-over, the sales proceeds would remain in the state coffers and would be used for general good, the sources added.
This would be the first instance of universities buying a company in the country, they said.
National Instruments has a large and well-equipped laboratory in Jadavpur, south of the city, but has fallen in bad times, as it has not been used much for research in recent years.
The two universities were working on the details of the proposal to buy the lab and two options were being explored, said sources.
The first option is: the universities would buy the shares in National Instruments, currently held by the central government, to become joint owners of the company. Thereafter, they would sort out the nitty gritties. The liabilities, however, are unlikely to be passed on, as they would be included in the valuation.
Under the second option, the universities would offer to buy out the assets of the company -- the laboratories and the infrastructure -- and then put them to use according to their needs.
Both universities realise that they need to brush up their research facilities, and the sick PSU offers an immediate solution to the problem, the sources said.
The authorities have agreed in principle at the state and central level to allow the universities to buy the ailing lab but nothing is hunky dory as the two institutions are expected to push hard for a bargain, the sources said.
Although the University of Calcutta has its lab for physical sciences in north Kolkata and a biological sciences lab in upmarket Ballygunj in the south, the facilities still need room to expand in order to attract fresh talent. The Jadavpur University has all its labs in its own campus.
Since the National Instruments Factory is right next to the Jadavpur University, the grapevine suggested that it would be Jadavpur, and not the University of Calcutta, which would buy out the unit.
The sources said National Instruments, had in the past, worked on major projects like night vision equipment for the armed forces but research work had petered out in recent years.
Phone calls to National Instruments went unanswered on Thursday.
Right next to National Instruments is another sick central government-owned PSU -- Bharat Ophthalmic Glass -- a lab which was once at the forefront of materials research but is now in doldrums. This lab, too, is expected to go on the block soon.
