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HomeBusinessUP sugar mills need to pay Rs 200 crore interest arrears

UP sugar mills need to pay Rs 200 crore interest arrears

Jayshree Bhosle
Pune. The sugar mills of Uttar Pradesh will have to pay Rs 200 crore as interest on cane farmers’ dues. The state government has asked the sugar mills to pay interest on the dues to sugarcane farmers.

Figures as of May 23 show that sugarcane farmers are left with Rs 3,638 crore on sugar mills in UP. A total of Rs 25,386 crore was to be paid to sugarcane farmers. If it comes to interest on the outstanding amount, it works out to about Rs 230 crore.

Vipin Kumar Dwivedi, Commissioner, Department of Sugarcane Development and Sugar, said, “Up farmers will now get interest on arrears. So far, sugar mills have paid an interest of Rs 1.75 crore. As bills are being sent, the amount will go up further. I think all dues will be repaid in a month,” bajaj group owes the highest in the state. Although the sources are expressing doubts over the payment of interest, the industry is also not happy with the government’s decision. He believes that this will not solve the problem, but will further increase pressure on companies.

Morris is a Technology enthusiast and a writer by night. He has been a part of eTrendy Stock for quite some time and he contributes knowledgeable news articles from the Technology niche. He attended a technical school in Florida.

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