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Tuesday, June 28, 2022
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Karnataka govt withholds move to privatise MySugar

BENGALURU: Bringing cheer to sugarcane growers of Mandya and surrounding areas, Chief Minister Basavaraj Bommai on Monday said that the State Government will set aside an earlier Cabinet decision to privatise the loss-making Mysuru Sugar Company Ltd (MySugar).

Bommai made this announcement after chairing a marathon meeting with farmers and elected representatives from Mandya here on Monday. “We will commence crushing sugarcane at the factory from the next season. All necessary steps, including overhauling the machinery, will be taken up,” Bommai told reporters.

The decision to privatise the state-owned sugar factory had come under severe criticism from farmers, and the Opposition JDS and Congress. Farmers have been staging an indefinite protest for several months now demanding that the State Government revive the factory that was shut four years ago.

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Bommai said an expert committee will be constituted to study the condition of the machinery and other technical aspects, finances required to restart the operations and the working capital needed to procure cane from farmers will be discussed with bankers. “To make it financially viable, experts will study the aspect of value addition of converting the byproduct— molasses— either to use it in distillery or convert it into ethanol,” Bommai added.

He clarified that an efficient managing director with industrial background will be appointed and also an accountant will be appointed by taking help from the Accountants General, Karnataka. “Based on the committee’s report, the Cabinet will take a final call on making the factory operational in a full-fledged manner as it is inevitable in the wake of the previous Cabinet’s decision to privatise the factory,” he clarified.

Sugar Minister Shankar Patil Munenakoppa, ministers KC Narayana Gowda (who is also MLA from Krishnarajpet), ST Somashekar, and JC Madhuswamy, Mandya MP Sumalatha Ambareesh, MLAs CS Puttaraju and Raveendra Srikanatiah, Chief Secretary P Ravikumar and Additional Chief Secretary to the Finance Department ISN Prasad were present at the meeting.

The above news was originally posted on www.newindianexpress.com by Express News Service

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