The Hindu Business Line : Andhra Sugars, Krebs in pact with loss-making units

ANDHRA Sugars Ltd (ASL) and Krebs Bio Chemicals (KBC) have entered into sale and purchase agreement with the loss-making co-operative units of West Godavari Cooperative Sugar Factory Ltd and NVR Cooperative Sugar Factory Ltd in Bhimadolu in West Godavari and Jampani in Guntur district.

With the finalisation of the sale deed and the privatisation of these units, cane farmers in these regions can expect to get higher and prompt payments.

The Tanuku-based sugar major, Andhra Sugars, has completed the payment of Rs 36 crore for the West Godavari sugar unit and signed an agreement. Incidentally, this is the highest price ever paid for a co-operative sugar unit in the State so far.

The Hyderabad-based pharma company, Krebs Bio, has also paid the full and final payment of Rs 18.09 crore for purchasing NVR Cooperative Sugar Factory. The representatives of the two companies have entered into a formal sale and purchase agreement with the respective co-operative societies at a meeting last week.

The Krebs management has taken possession of the plant and machinery at Jampani and has plans to initiate crushing operations soon, according to a press release from the Office of Commissioner and Director, Sugar and Registrar of Cooperative Societies.

These privatised units are achieving all-round improvement in performance and are posting profits.

More Stories on : Mergers & Acquisitions | Sugar | Co-operatives | Andhra Pradesh

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