Tamil Nadu sugar mills seek more time to repay loans

Chennai: Sugar mills from Tamil Nadu are reeling under financial crisis due to drought in the state and lack of functioning to full capacity to produce sugar. The poor performance of mills has increased the financial burden on them, and they are unable to repay their loans taken from the bank. Five mills from the state have requested banks to not to take strict actions to recover pending loans and give them some time to repay the loans.

Due to various reasons, Tamil Nadu sugar industry is in deep crisis, and they are awaiting financial assistance to come on track. Sugar producers from the state have requested a relief package to come out of this grim situation.

Recently, Union Finance minister Nirmala Sitharaman had assured Tamil Nadu sugar industry to revive when she met the representatives of the sugar sector in Chennai. She had promised to arrange a meeting with RBI and banks, where they can discuss and find a solution to uplift the sugar industry. The industry is hoping sops after assurance from Finance Minister.

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