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MSCB to sell sick sugar mills

sugar_millsThe Maharashtra State Cooperative Bank, the apex cooperative bank in the state, is about to begin the process of selling 12 sugar mills despite the state cabinet’s decision of not selling sick sugar cooperatives. The bank, main lender to the cooperative insitutions in the state, has already sold one sick mill, the Ahmednagar Taluka Sahakari Sakhar Karkhana in December to recover its dues. It had recently floated tenders to give 13 sick cooperative sugar mills on lease. The bank received expression of interest (EOI) only for seven mills. Managing director of the bank Pramod Karnad said the state government has not communicated to the bank anything about its decision (of not selling the sugar mills) and the board of directors of the bank is inclined to begin the process of selling the remaining six sugar mills and another six sugar mills by next fortnight. However, a senior state government official clarified that the government’s position is clear that the sugar mills should not be sold and that the government is in communication and discussion with the bank.

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