AP Cabinet Approves Way For Sugar Cos Resturcture

Hyderabad: The Andhra Pradesh Cabinet has permitted the way for modernisation and expansion of seven cooperative sugar factories at an estimated cost of Rs 267 crore. The Cabinet, which met here on Aug 21, has decided to turn the Rs 79-crore loan given to five of the seven factories and the tax dues of the factories into equity. The move will help these factories turn their net worth positive, making them eligible for financial assistance from sugar development funds. The first phase of revamp would cover Chodavaram, Vijayarama Gajapathi, Thandava, Kovur, Sri Venkateswara, Chittoor and Anakapalle factories. Post expansion, the total capacity of these factories would go up to 18,900 tonnes crushed a day (TCD) from the present 13,450 TCD.nb