Page 3 - Sugar Industry

NCLAT set aside CCI order imposing penalty of Rs 38 cr on 18 sugar mills

The NCLAT on Tuesday set aside a CCI order, imposing a penalty of Rs 38.05 crore on 18 sugar mills and two trade associations in 2018 in a case related to a joint tender floated by oil marketing companies for procurement of ethanol for blending with petrol. The appellate tribunal said the order passed by the fair trade regulator Competition Commission of India "suffers from illegality" and "does not comply with the requirement of adherence to the principle of natural justice". The quorum of CCI that heard the final arguments did not pass the necessary orders within a reasonable period of time, and by the time, the orders were pronounced in the case, one member was not present in at least four later hearings, and two members had demitted office, and therefore they did not participate in the decision making nor sign and authenticate the final order, said the National Company Law Appellate Tribunal (NCLAT). A two-member NCLAT bench also said that CCI passed the order on September 18, .

Shree Renuka to acquire 100% stake in Anamika Sugar Mills for Rs 235 cr

Shree Renuka Sugars on Tuesday said it has entered into an agreement to acquire a 100 per cent stake in Anamika Sugar Mills for Rs 235.5 crore. Renuka Sugars is one of the leading sugar firms in the country. In a regulatory filing, Shree Renuka Sugars informed that it has "entered into a binding agreement i.e., the Share Purchase Agreement, dated 26th September 2023, with Anamika Sugar Mills Pvt Ltd for acquisition of 100 per cent of the equity shares of Anamika". The company intends to establish a presence in Uttar Pradesh, one of the largest sugar-producing states, and to cater to the markets of north and east India. "Acquisition of Anamika would enable the Company to gain access to existing sugarcane catchment area with a significant reduction in lead time for setting up the plant in Uttar Pradesh and easy access to skilled/unskilled labour," it added. The company said it might expand and modernise the plant. Anamika will become a wholly-owned subsidiary of the company. Shree

ISMA lowers 2022-23 sugar output and ethanol diversion estimates

However, several industry players said despite fall in sugar production, ethanol diversion will be steady at 4.5 million tonnes as against 3.6 million tonnes in 2021-22 (October to September)

India's 2022-23 sugar output to fall on adverse weather: Industry official

India, the world's biggest sugar producer and the second biggest exporter, had produced a record 35.9 million tonnes of sugar in the previous season ended on Sept. 30, 2022

Sugar firms may seek govt nod to retail green fuel from their own premises

The plan is to convert sugar factories into full-scale 'green energy hubs'

Sugar industry MSME margins hit by flat product prices: CRISIL SME TRACKER

Globally, supply is expected to ease as output in Brazil and Thailand, both major producers, is likely to revive

Uttar Pradesh crosses Rs 12,000 crore mark in the ethanol economy

UP govt is trying to integrate the sugarcane crop with lucrative ethanol value chain in order to provide fair prices to the farmers and protect the sector from the cyclical nature of the sugar market

India's sugar output to be higher at 36.5 mn tonnes in 2022-23: ISMA

India is expected to produce around 36.5 million tonnes of sugar in the new season that began on Oct 1, a leading industry body said on Monday

Govt to soon announce sugar export quota for 2022-23 mkt year: Food secy

The government will soon announce export quota of sugar for next marketing year starting October, Food Secretary Sudhanshu Pandey said on Monday. He however did not disclose the quantity of sugar that will be allowed for export in 2022-23 marketing year. "We will soon announce the sugar export policy for next season," Pandey told reporters here on the sidelines of 82th AGM of Roller Flour Millers Federation of India (RFMFI). In May, the government had allowed exports of 100 lakh tonne of sugar, but later allowed another 12 lakh tonne. This took the total export quota for 2021-22 marketing year to 112 lakh tonne. India's sugar exports stood at 70 lakh tonne in 2020-21 marketing year, 59 lakh tonne in 2019-20 and 38 lakh tonne in 2018-19. Earlier this month, sugar industry body ISMA had demanded that the government allow exports of 80 lakh tonne of sugar for 2022-23 marketing year in view of surplus production. Indian Sugar Mills Association (ISMA) president Aditya Jhunjhunwala ha

Sugar output may fall; still there'll be 8 mt surplus for exports: ISMA

ISMA estimates that the diversion of cane juice and B-molasses to ethanol shall cut sugar production by about 4.5 mt during the next marketing year.

Not so sweet for UP sugar industry as giant Bajaj Hindusthan gets NPA tag

Bajaj Hindusthan badly needs money to shore up its operations but its NPA tag to make raising funds difficult

Indian Sugar Mills Association director general resigns unexpectedly

Since Oct. 1, 2022, when the current sugar season began, Indian mills have signed contracts to export a record 8 million tonnes of the sweetener

Closing sugar inventory likely to be second lowest in 10 years this year

This should augur well for millers and help clear cane dues, and also ensure a steady price of the commodity in the open market

Oil marketing companies favouring grain-based ethanol: Sugar mills

Move to curb ethanol's over-dependence on sugarcane, say OMCs

India's sugar exports in a sweet spot despite WTO subsidy ruling

Brazil's low crop will continue to make India one of the major suppliers of the sweetener

India exports 939,000 tonnes of sugar so far this marketing year: AISTA

Sugar mills have exported 9.39 lakh tonnes of the sweetener till the first week of December during the ongoing 2021-22 marketing year that started from October 1, and are not in hurry to sell further

India exports 2.76 lakh tonnes of sugar in last 40 days: AISTA

Sugar mills have exported 2.76 lakh tonnes of sugar in the last 40 days of the current marketing year with maximum shipments to the UAE, trade body AISTA said on Wednesday

Global sugar market grateful for India supply, once viewed as a threat

India's sugar policies, which include large subsidies, have been questioned for years at the World Trade Organization by competitors including Brazil and Australia.

Sugar industry focus should be new tech: Food Secretary Sudhanshu Pandey

The Centre has decided to grant mills the entire quantity of sugar diverted in their monthly release quote

India wants ethanol to fuel its cars, but food inflation is a major risk

The government will fast-track an ethanol program that will divert as much as 6 million tons of sugar toward fuel production annually by 2025, according to the food ministry