In an interview to CNBC-TV18, Vivek Saraogi, MD, Balrampur Chini, said the biggest loser in the ongoing battle is the industry. He said that there is a need for permanent solution to ongoing cane pricing issue and thinks it "lies only with the state government".
He said the mill owners have briefed the Centre of their problems. "Even the central government in its affidavit said arrears issue exists due to high cane prices," he added.
Below is the transcript of Vivek Saraogi's interview to CNBC-TV18's Shereen Bhan
Q: What happens now, you have written to the state government, there have been several meetings, your last conversation with the state by way of a letter was in July, there has been no response on cane pricing policy or additional relief that will be provided to mill owners. Where do we go from here?
A: The only way to go from here is to link the price, sugarcane to sugar price, the Rangarajan formula because outside of that there is just no funding available or cash flow available to repair, pay part year due, pay labour and to get your factory ready to pay next year and not to be in this lurch again.
Q: At this point of time the government was meant to set up a committee, to look at a cane pricing policy, that hasn't happened, you had demanded that an additional Rs 9/quintile be given by the government by way of financial assistance, that demand has not been met. We have seen the situation before as well about who blinks first. The courts got involved the last time you issued a suspension notice, the court then got involved and finally you had to begin crushing. Do you envisage a similar situation arising this time around as well?
A: It is not who blinks first now. Just to put it on the table assume there is a deadlock and things don't improve or the linkage didn't happen, who is the biggest loser? The biggest loser is us, the promoter who has put all his assets into the state, who has put all his investments into the state. So the entire investment becomes nil.
With us the entire nation grieves, the farmer grieves, the exchequer grieves, the consumer grieves. So it is something which needs a rationalization for permanence, you cannot have this move of Rs 9 and this and that also because we don't know the sugar price. You got to have a linkage formula which then creates visibility and everybody in the world is ready to invest into visibility.
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