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TCP pays Rs 7 billion to 27 sugar mills




  • The Trading Corporation of Pakistan (TCP) paid nearly Rs 7 billion to 27 mills, procuring sugar, easing their financial problems and building up the country”s strategic reserves.

    Sources told Business Recorder on Thursday that so far TCP had procured 130,000 tons of sugar from domestic mills under its sugar procurement programme. The procurement drive was completed after Pakistan Standard Quality Control Authority (PSQCA) testing reports and taking physical charge of the procured stocks, which will remain in mills” warehouses. Following the directives of the Economic Co-ordination Committee (ECC) of the cabinet, TCP finalised deals, floating the third sugar purchase tender for procuring 200,000 tons of sugar. Sugar mills, it is learnt, were facing a financial crunch in the wake of a bumper sugarcane crop and low commodity prices in the domestic market.

    Cumulatively, the state-run grain trader paid Rs 6.95 billion to 27 sugar mills across the country against the purchase of 137,650 tons of sugar. The payments were made after receiving PSQCA”s test reports, staff surveyor reports, stock inspection reports and handing-over, taking-over certificates duly singed by surveyors, Muqadams and sugar mill”s representatives.

    TCP currently holds sugar stocks of 600,000 tons. Under the current procurement programme, the TCP bought sugar at the rate of Rs 50,510 per ton. M/s Ranipur Sugar Mils received some Rs 149 million against a supply of 2,955 tons of sugar, M/s Sanghar Sugar Mill supplied 5,910 tons against two bids and received Rs 298.5 million, M/s Channar Sugar Mill supplied 5,910 tons and received Rs 298.5 million, M/s Shaikho Sugar Mill Rs 505 million against 10,000 tons of sugar and M/s Al Abbas Sugar Mill received Rs 298.5 million, selling 5,910 tons of sugar to TCP.

    TCP paid about Rs 149.2 million to M/s Mehran Sugar Mill against 2,955 tons, M/s Kamalia Sugar Mill got Rs 298.5 million for supplying 5,910 tons, M/s New Dadu Sugar Mill sold 5,910 tons and received Rs 298.5 million, M/s Naudero Sugar Mill Rs 238.6 million against 4,725 tons, M/s Ansari Sugar Mill Rs 298.5 million, M/s Bawani Sugar Mills Rs 238.6 million against 4,725 tons, M/s Huda Sugar Mills Rs 149.2 million, M/s Abdullah Shah Ghazi Sugar Mill Rs 298.5 million, M/s Macca Sugar Rs 149.2 million, Tando Allahyar Sugar Rs 149.2 million, M/s Fatima Sugar Mills Rs 298.5 million, M/s Matyari Sugar Mills Rs 298.5, three units of JDW Sugar Mills received Rs 895 million, M/s Al Noor Sugar Mills Rs 298.5 million, M/s Shah Murad Sugar Mills Rs 298.5 million, M/s Haq Bahu Rs 298.5 million, M/s Hamza Rs 149.2 million, M/s Habib Rs 298.5 million and M/s Kashmir Sugar Mills Rs 298.5 million against 5,910 tons of sugar. As per tender conditions, TCP is engaged to examine the procured sugar to clear mills” dues and as PSQCA testing reports are being received, TCP is making payment to the millers. The sugar procurement drive is likely to be completed some time next week.

    Copyright Business Recorder, 2012

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