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HPCL inks MoU with Bihar to takeover sick sugar mills

HPCL inks MoU with Bihar to takeover sick sugar mills
PTI
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First Published: Sun, Jan 18 2009. 06 23 PM IST
Updated: Sun, Jan 18 2009. 06 23 PM IST
Patna: State-run Hindustan Petroleum Corporation Limited (HPCL) has signed an agreement with the Bihar goverment to takeover two sick sugar mills, in a move that will revive and expand the agro-based industries in the state.
The memorandum of understanding (MoU) was signed between Bihar government and HPCL, for the takeover of Sugauli sugar mill in East Champaran and Lauriya Sugar Mill in West Champaran, for 60 years lease (which could be extended for another 30 years).
These mills would start functioning in next two years.
Bihar chief minister Nitish Kumar, who was present while signing the MoU, said, “it was a grand beginning as the gate which was closed has now opened after three difficult years during which the government made serious efforts for the revival of closed sugar mills.”
Kumar said the state’s core competence was agriculture and hence the government wanted to establish agro-based industries in the state as it has great potential to flourish.
Thanking HPCL for keeping its words despite Centre’s move on ethanol, Kumar said, “it is important for me that ethanol will be produced alongwith sugar from these two units of HPCL.”
Hinting at Reliance Industries’ bid on Motipur Sugar Mill in Muzaffarpur, he expressed hope that the two successful private bidders would also come forward soon for the take-over of the mills.
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First Published: Sun, Jan 18 2009. 06 23 PM IST
More Topics: HPCL | Bihar | Sugar Mill | India | Corporate News |