Even if sugar business is not doing well, we have no intention to sell sugar plant: Murugappa Group

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Chennai: Drought in Tamil Nadu has not only impacted the farmers, but also the sugar mills are facing the brunt of it. Due to the scarcity of sugarcane, Murugappa Group’s sugar manufacturing company EID Parry is likely to shut one factory at Puducherry. According to reports, they may also stop production at two of its facilities in Tamil Nadu.

MM Murugappan, executive chairman, Murugappa group, said, “Drought in Tamil Nadu has brought down the production of sugar in its plants, and hence the production had to be stopped.”

“Sugar prices depressed due to an increase in domestic production and impacted sugar business. The price declined by Rs 6 a kg, which translated to a Rs 240 crore loss. Even if the sugar business is not doing well, we have no intention to sell it” he added.

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