UP extends soft loan window for private sugar mills to December 10

The state had announced the soft loan package of Rs 40 billion to help the private millers tide over their precarious payments situation

The state government has extended its concessional loan package for Uttar Pradesh’s private sugar millers till the coming Monday.

Around Rs 35 billion of dues to cane farmers is pending from private mills for the 2017-18 crushing season. The state had announced a soft loan package of Rs 40 billion to help the private millers, after commercial banks had put the sector in their ‘negative list’ for loans, with a supply glut and low retail prices.

However, the state had tough conditions for applying mills, based on their balance sheet and payment ratio. This excluded some top names