Nayagarh Sugar clears Orissa Govt. dues
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Bhubaneswar (Orissa) : Nayagarh Sugar Complex Limited (NSCL) on Tuesday paid Rs 3, 13, 26,000/- (three crores thirteen lakh and twenty-six thousand rupees) to the Government of Orissa as its pre-payment against purchasing of the Nayagarh Cooperative Sugar Industries Ltd.
Nayaagarh Sugar Complex Limited chairman Mr Trailokya Mishra handed over the draft to agriculture, cooperation and fisheries minister Dr Damodar Rout at his chamber in the state secretariat.
Welcoming the move, minister Mr Rout said, “A few years ago many people were apprehensive about the fate of Nayagarh Sugar mill but this turnaround of the industry has proved them wrong." Appreciating the advance clearance of the outstanding, Mr Dr Rout said, “This has set an example for promising entrepreneurs to take up venture in right earnest and emerge victorious with flying colours.”
Nayaagarh Sugar Complex Ltd had purchased the government-owned sugar mill in 2004 at Rs 5.22 crore. The company had earlier paid Rs 2,00,74,000/- in different installments.
As per the sale-purchase agreement made in 2004 with the state government, Nayagar Sugar Complex Limited was suppose to pay the outstanding over a period of 13 years.
Perhaps, this is for the first time a private company purchasing a government-owned property has cleared its dues eight years before the stipulated period.
The advance payment was possible as the company managed to find scope for growth in the sector.
Speaking on the occasion, chairman Mr Mishra said, “We wanted to clear all the dues as we thought it would help us enhance our credibility before the government and public as well as win the confidence of the farmers’ community.”
Nayagarh Sugar Complex Limited's director Mr Sabyasachi Mishra said, “The company is already set on a growth trajectory and we are looking for modernization, expansion and value-addition in near future.”
Mr Mishra said that the recent decision of the Orissa Government to accord sugar sector food processing industry status and appointing a Task Force for monitoring the growth prospect of the Sugar industry in Odisha consisting of top government officials has boosted the business prospects of the segment.
