Allow sugar price to rise to ₹45/ kg: Industry to Govt
NEW DELHI: Amid demand from the industry to allow retail sugar prices to rise up to Rs 45/kg, Union Minister Nitin Gadkari on Monday said the rates should be reasonable for consumers as the government has a difficult job to balance interest of all stakeholders. Addressing the annual general meeting of Indian Sugar Mills Association (ISMA), Transport Minister Gadkari asked the debt-ridden industry to focus on ethanol and other by-products of sugarcane in order to improve their earnings.
He said the government is working on a policy to promote second generation bio-ethanol and sought suggestions from the sugar industry. Responding to the industry’s demand on retail sugar prices, Gadkari said: “The current level of sugar prices are giving some relief to the industry... The government has a difficult job to balance consumers, farmers and millers. Prices should be at a reasonable level for consumers.”
When sugar prices rise, farmers expect that their cane prices too should rise, he added. Earlier in his address, ISMA President Tarun Sawhney said, “We urge the government to be sensitive of every increasing costs and allow retail sugar prices to increase to Rs 43 to 45 per kg in the sugar season 2016-17.”
He said the debt burden of the industry has increased dramatically over the last 3-4 years and that the current margins may not be adequate to repay past loans, which are due for principal repayment from 2017 itself.
The average ex-mill price of sugar during the last 201516 season was around Rs 31/ kg, which was still below the all India average cost of production of Rs 33/kg, he added.
“Sugar prices should not be unrealistically controlled at such levels and that the industry is unable to survive and further not able to recover the losses that it incurred in years of surplus sugar production without sustained periods of positive cash flows and profits,” Sawhney noted. MUMBAI: Broadcaster Sony Pictures Network (SPN) on Monday said it has acquired the on-air and digital rights for Super Fight League (SFL) that promotes mixed martial arts (MMA) in India.
SPN also has the broadcast rights for the league across Sri Lanka, Pakistan, Bangladesh, Nepal, Bhutan, Afghanistan and Maldives.
“We are pleased to announce the expansion of our MMA portfolio with the addition of Super Fight League which is India’s first mixed martial arts league on our network,” Sony Pictures Network President Rajesh Kaul said
The franchisee-based league that features eight teams, is organised in association with the All India Martial Arts Association (AIMMAA) and is scheduled to be held from Jan 20 to Feb 25. LONDON: Indian-origin metal tycoon Sanjeev Gupta on Monday said he will invest a whopping 120 million pounds in Britain’s last aluminium smelter as part of a deal to rescue the site and safeguard hundreds of jobs.
Gupta’s Liberty House and his father’s related business, Simec, will pay around 330 million pounds to acquire the plant at Lochaber, in the western Scottish Highlands, and two hydro-electric plants that power it.
The group has committed to invest a further 120 million pounds, creating up to 600 jobs in coming years, Gupta said.
“On Monday is the start of an exciting new chapter in Scotland’s manufacturing story and the Scottish government and its agencies will keep working with Sanjeev Gupta and the GFG Alliance to help them realise their enterprising vision for Lochaber,” said Scotland s First Minister, Nicola Strugeon, during a site visit.
Gupta, in his 40s, is executive chairman of Liberty House Group and of the wider family concern GFG Alliance strategic board.
He said: “We hope this day will come to be recognised as the start of a bright new future for Highland industry. It puts Lochaber right at the heart of our vision for sustainable and integrated local production that can revitalise British manufacturing.”
Monday’s announcement follows a deal unveiled last month involving Liberty House and Simec to take over the site formerly owned by Rio Tinto in Scotland.
Gupta’s plans include creating an aluminium wheel manufacturing facility with 300 jobs directly and another 300 in the supply chain.
Liberty has also said that it aims to protect the existing 170 jobs at Lochaber and expand metal manufacturing and downstream engineering in the region.