INDIA: Liquidation of 13 sugar cooperatives welcomed by industry
Sugar industry watchers have welcomed the news that the Maharashtra Government is to liquidate 13 sugar cooperatives, often seen as the stronghold of powerful, local politicians. Decreasing prices and a lack of sugar cane has forced the decision, as farmers were being left with late payment of reduced prices. The 13 units had run up losses amounting to Rs. 200 crores (US$41.1m), and similar amounts in debt owed to entities such as the government.
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