Uttar Pradesh-based Dwarikesh Sugar Industries Ltd today said it has cleared all cane price dues worth over Rs 21 crore for 2007-08, even as another leading firm Bajaj Hindusthan is embroiled in a controversy over default in payment.
"This was in compliance with the order of the Supreme Court. It has thus become one of the few companies in the state to have done so," Dwarikesh Sugar said in a statement.
It had also paid Rs 21.15 crore as cane price dues in 2006-07, a company spokesperson said.
The company has three units -- two in Bijnor and one in Bareli -- with a total capacity of 21,500 tons crushing per day (TCPD).
It has crushed around 19.40 lakh tons of sugarcane and produced 2.02 lakh tons of sugar in the current season that would come to end in September 2008.
The company has also embarked upon projects to generate additional power and targets to supply 56 MW to the state grid. It also runs a distillery with a capacity of 30 kilo liter per day (KLPD) to manufacture ethanol and has contracts to supply it to oil marketing companies.
Bajaj Hindusthan on June 11 had to pay Rs 19 crore and promised to pay the balance in a week time as part of a solution to the strike at its Kinanuni sugar mill, which was locked by farmers over cane dues.
Earlier, the company had said it has paid Rs 1,283.87 crore to farmers for their sugarcane during the current season while only Rs 66.31 crore remains to be paid.
Link to the article: http://www.tradingmarkets.com/.site/news/Stock%20News/1689374/
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