With CBI on prowl, Wave Group, Indian Potash offer to return UP sugar mills

The two firms had bought five units each when 21 UP sugar mills were put on block under Mayawati's regime

Even as the Central Bureau of Investigation (CBI) has taken over the probe into the sale of Uttar Pradesh government sector sugar mills sold during the previous Mayawati regime (2007-12), the Wave Group and Indian Potash Limited (IPL) have now offered to return the units.

The two companies had bought five units each when 21 UP sugar mills were put on block between July 2010 and March 2011. The remaining units were taken over by other entities. While Wave Group was promoted by late liquor baron Ponty Chadha, IPL is a public sector undertaking.

Highly-placed sources told Business Standard in Lucknow, that