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Rs 15 cr cash credit loan to Aska Cooperative Sugar Industries

29/05/2020 at 4:10 PM

Bhubaneswar, May 29: The Cabinet chaired by Chief Minister Naveen Patnaik today decided to provide ‘ State Government Guarantee’ in favour of the Aska Cooperative Sugar Industries Ltd. (ACSI) to borrow cash credit loan of Rs 15 crore from the Aska Cooperative Central Bank to meet the payment of cane dues to the sugarcane growers in time for the crushing season 2019-20.

The government guarantee will be valid for a period of eight months from the date of issue of guarantee.

The crushing operation of sugarcane by ACSI, Aska for crushing season 2019-20 had started on February 10 this year and closed on April 11.

The ACSI has crushed 79,338 MT of cane during the crushing season 2019-20 and the sugar stock is 64,850 quintals. For the purpose, the ACSI would have to make payment of Rs 23.56 crore (Approx) towards cane price to the farmers.

In order to clear the dues of the cane growers at the earliest, the ACSI will avail a cash credit loan of Rs 15 crore from the Aska Cooperative Central Bank on the basis of state government guarantee support for Rs 15 crore for eight months. The loan will be paid from the sale proceeds of sugar in due course.

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