Maharashtra government aims to revive sick sugar factories

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Mumbai: Maharashtra government has taken a decision to revive sick cooperative sugar factories. It has issued a government resolution (GR) allowing sick cooperative sugar factories to be leased out to private sector and other cooperative factories.

In a 12-page notification, the government has given the details of the procedure to be followed to take such factories on the lease or on partnership or through JV arrangement.

According to the news report published in Freepressjournal.in, the government has permitted those cooperative sugar factories that posted losses loss in three consecutive years, the net worth is negative, exhausted the limit to borrow from the market, annual audit for three years has been ranked C and D rank and have arrears towards the government guarantee. They may be leased out for minimum five years to maximum 15 years.

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