UP looks to privatise sector

  • 22/07/2008

  • Business Standard (New Delhi)

Virendra Singh Rawat / Lucknow July 22, 2008, 0:10 IST The Uttar Pradesh government is taking immediate steps for total privatisation of the beleaguered sugar sector in the state. This move is aimed at ushering in operational efficiency, improve production, reduce non-performing assets (NPAs) and mitigate non-productive overheads running into several crores of rupees annually. In this regard, the government has invited request for qualification (RFQ)-cum-request for proposal (RFP) from advisors for transferring the assets and liabilities of 25 of the 28 cooperative sugar mills in the state. Most of these low-capacity mills are in rural areas and are running losses. The 33 state sugar corporation mills have already been put on the block and a high-level committee is evaluating the expressions of interest submitted by five companies