Incorporated in Mar.'93 in the assisted sector by the Punjab State Industrial Development Corporation, the Piccadily group, Vinod Kumar and others, Piccadily Sugar and Allied Industries (PSAIL) manufactures white crystal sugar for domestic purposes, confectionery and pharmaceuticals. The by-products are molasses, bagasse and power. Molasses -- which is used to manufacture alcohol and citric acid -- is sold to distilleries. Bagasse is used as raw material in the paper industry and as fuel for generating power. The bagasse produced will be utilised by the company for steam/power generation. The company generates 6 MW; 4 MW to be used by the plant and the surplus 2 MW is being sold to PSEB. The company came out with a public issue in Feb.'94 to part-finance a 2500-tcd plant to manufacture sugar and to generate 6 MW of power. The company is concentrating on developing quality cane in the area allotted to it. Various incentives interest-free loans, supply of fertilisers and pesticides at subsidised rates, free testing of soils, etc have been extended to farmers in the area. The Company is projecting 30.00 lac quintals of crushings from sugarcane for 2003-04. Piccadily has been declared as sick industrial company as per the provisions and the company has submitted the draft Rehabilitation proposal with BIFR.