INDIA: 80,000 tonnes of stuck whites in Kandla set for export
Published: 09/01/2010, 11:09:23 AM
The Indian government has allowed refiner Shree Renuka Sugars Ltd. and trading company Emmsons International Ltd. to export 80,000 metric tonnes of white sugar stuck at Kandla port in the western state of Gujarat, according to Dow Jones.
"We have issued a release order with a condition that the two companies will have to import an equal quantity of raw sugar within four months," said one of the officials, who didn't want to be identified. The companies have to export within two months, said a senior food ministry added.
Shree Renuka will sell 45,000 tonnes overseas and Emmsons will export 35,000 tonnes stuck at the port because of a railway wagon shortage.
The permission to allow white sugar exports to the two companies will help them offset part of their losses as they had imported stocks hoping to benefit from rising local prices.