The Hindu Business Line : AP Govt to guarantee NCDC loan

HYDERABAD: The Andhra Pradesh Government has decided to extend the required guarantee for securing a working capital loan of Rs 154 crore from the National Cooperative Development Corporation (NCDC) as a part of its effort to revive co-operative sugar factories (CSFs) in the State.

At a meeting convened by the Chief Minister, Dr Y.S. Rajasekhara Reddy, to review the status of CSFs that were under the revival package, it was also decided that the State Government would reschedule the loans, which were earlier extended to the CSFs.

The payments due from the CSFs would also be postponed and they would be allowed to sell sugar produced during 2002-03. The CSFs were expected to realise Rs 35 crore through the sale of sugar.

The National Federation of Cooperative Sugar Factories (NFCSF), which had conducted a feasibility study, had prepared a road map for the revival and restructuring of the State CSFs. The NFCSF had conducted a feasibility study of the Chittoor CSF, Sri Venkateswara CSF, Nizamabad CSF, Sri Vijayarama Gajapathi CSF, Kovur CSF and Anakapalle CSF.

In accordance to NFCSF recommendations, it was decided that the State Industries and the Commerce Department would start operations of the Chittoor and Sri Venkateswara CSFs by crushing cane during the current fiscal. With regard to other CSFs, the department would take a decision after finalising the preparatory arrangements.

More Stories on : Sugar | Co-operatives | Andhra Pradesh

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