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Maharashtra plans to buy state's one-fourth sugar output to support prices

local sugar prices have fallen 17 percent since the start of the marketing year on Oct 1, making it difficult for the mills to make payments

Reuters  |  Mumbai 

India's second-biggest sugar producer Maharashtra plans to buy a quarter of the state's output to arrest falling prices for the sweetener, a state minister told Reuters, a move that would require $1 billion and leave mills to cover storage costs. The government purchase plan - which the state would need to approve in the next cabinet meeting - would help Maharashtra sugar mills pay dues to sugar cane farmers that have risen to more than Rs 30 billion ($470 million). "We are planning to buy 25 percent of the sugar production of each mill. The government buying will ...

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First Published: Wed, February 07 2018. 01:51 IST