A B Sugars Ltd belonging to Wave Group, post acquiring sugar mills in Dhanaura, Uttar Pradesh and Dasuya, Punjab in 1997-98, forayed into the sugar business. With 6 sugar mills
Central Government is planning to create a buffer stock of 3.0 million tonnes of sugar to help sugar mills to overcome the crisis of over production. The sugar mills of relieved as it will relieve them of the cost of holding, infrastructure, insurance and interest costs. The union government is also considering an incentive of Rs. 7.7 for every kg of sugar export to alleviate low global sugar prices. The sugar mill association is asking for the government to fix a floor prices as over supply is resulting in crashing the sugar price down. India?s annual need for sugar is around 250 lakh MT. This year the production has been around 320 lakh MT in addition to 45 lakh MT reserve from the last year.
Indian Sugar production is 237 lakh tonne in the financial year 2015-16, according to ISMA. There is a shortfall of about 11 lakh tonne less than last year. As compared to 366 sugar mills which were working on March 31 last year, 215 sugar mills continue to crush sugarcane in the current season on March 31, 2016. In the last season, 35 lakh tonne of sugar was produced further after April 1, 2015. With lower number of sugar mills operating in the current season, sugar production in the balance period in the current season would obviously be lower. Maharashtra produced 82 lakh tonnes, UP produced 65.7 lakh tonnes, Karnataka produced 40.16 lakh tonnes and the fourth largest producer Tamil Nadu produced 8 lakh tonnes. The current year?s sugar production is almost equal to the domestic consump