Sunday December 16, 2018
Home India Corporate mag...

Corporate magnates like Bajaj, Birla, Modi group owe Indian sugarcane farmers Rs 5000 crores

0
//
Republish
Reprint

download

By NewsGram Staff Writer

The leading names of the sugar industry have left the UP government in a spot of bother.

Sugar mills owned by nine top notch companies such as Bajaj, Birla, Modi group and the late liquor baron Ponty Chadda-led ‘Wave group’ account for over  Rs 5000 crores, more than half of the total outstanding cane arrears in the country.

The reports of the cane development department revealed by an English daily, show that these sugar biggies are the country’s biggest laggards in making cane payments.

After buying cane in huge quantity from farmers, the private mills have come to default on a payment of over Rs 5100 crores, reported The Times of India.

Bajaj alone is defaulting on a payment of Rs 2100 crores, while Birla is yet to pay Rs 520 crores. Mawana group which has three mills is defaulting on a payment of Rs 611 crores, while the Modi group owes around Rs 460 crores to the farmers. The Yadu group, owned by mafia turned politician, DP Yadav, is defaulting to the tune of Rs 62 crores.

Out of a total of 103, 40 mills belonging to  these companies are defaulting massively and have left the poor cane growers in a state of complete loss.

“The department would be considering action against the defaulters very soon”, said UP cane commissioner Subhash Chandra Sharma.

Earlier a recent high court order had directed the state government to force 75 per cent of the total cane dues paid to the farmers by July 15.

An action report is required to be filed by the cane department by July 28.

Talking about the steps undertaken to bring the defaulters to book Sharma said, “The department is taking all possible steps including initiating action like registering FIRs and issuing recovery challans against the millers.”

“The payment is being done but very slowly. Not surprisingly, an arrear running into thousands of crores would be carried into the next crushing season which would start by October end”, Sharma said while commenting on the progress made thus far.

According to recent figures from the Centre’s directorate of sugar shows that nationally UP accounts for the highest cane arrears while Maharashtra comes a close second.

The lower arrears for Maharashtra in comparison to UP are attributed to a lesser compensation for farmers.

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Vivo To Invest Rs 4,000 Crore For New Plant in Uttar Pradesh

There are currently more than 70,000 retailers in India where Vivo phones are available and the company has more than 200 exclusive stores and two experience centres

0
Vivo
Vivo announces Rs 4,000 crore investment for new UP plant. (IANS)

Chinese smartphone maker Vivo on Thursday announced an additional investment of Rs 4,000 crore over a period of four years for opening a new manufacturing plant on the Yamuna Expressway in Uttar Pradesh that will generate 5,000 jobs in its first phase of expansion.
The new 169-acre land has been acquired near the existing 50-acre manufacturing facility that will help expand Vivo’s manufacturing capabilities and support its continued growth in the country, the company said in a statement.

The Rs 4,000-crore investment, which does not include the cost of the land, will also spur job opportunities in the region, added Vivo that entered India in 2014.

“India is a key market for us, and today we have reiterated our commitment by entering the next phase of growth in India. We’re proud that the new plant will offer a major benefit to the surrounding area through high-quality job creation and training opportunities,” said Nipun Marya, Director-Brand Strategy, Vivo India.

According to the company, Chief Minister Yogi Adityanath welcomed the initiative and congratulated it.

Currently, all Vivo smartphones sold in the country are being manufactured at the Greater Noida facility, which is one of Vivo’s four manufacturing factories globally.

The existing manufacturing set-up, which saw an investment of Rs 300 crore, produces two million units a month, with more than 5,000 people at work.

With the new facility, Vivo aims to double the current production capacity to 50 million units per annum.

Vivo
Currently, all Vivo smartphones sold in the country are being manufactured at the Greater Noida facility, which is one of Vivo’s four manufacturing factories globally.

This is the second big-ticket investment from a global smartphone maker in Uttar Pradesh.

In 2017, Samsung announced that it would invest Rs 4,915 crore to double its manufacturing capacity for smartphones and refrigerators at its Noida plant.

The South Korean giant in July set up one of the world’s largest mobile manufacturing facilities in Noida, Uttar Pradesh, which was inaugurated by Prime Minister Narendra Modi and South Korean President Moon Jae-in.

When it comes to Vivo, the company was third with 10 per cent market share in India, after Xiaomi and Samsung, in the third quarter this year. Vivo performed exceedingly well in offline channels, said Counterpoint Research.

Marya told IANS in a recent interview that in terms of value, Vivo is the leader in the Rs 20,000-Rs 30,000 segment and overall No. 2 in the Indian smartphone market for the past 18 months.

Also Read- Oracle Witnessing Double-Digit Growth in India For Past 3 Years

According to him, the brand awareness of Vivo, which bagged the title sponsorship for five consecutive sessions of Indian Premier League (IPL) starting this year with a whopping Rs 2,199 crore bid, is 100 per cent.

There are currently more than 70,000 retailers in India where Vivo phones are available and the company has more than 200 exclusive stores and two experience centres.

“When we entered India, we were very clear that we wanted to build a very strong foundation here. And four years after entering the Indian market, we stay totally committed to the country,” he said. (IANS)