(FE)
The Uttar Pradesh government has decided to fix the minimum base price for reserved molasses sold to distillers for manufacturing of country liquor to avoid distress sale by the beleaguered sugar mills. The decision, which is expected to bring relief to the troubled sugar industry, was taken at a joint meeting of representatives of UP Sugar Mill Association and Uttar Pradesh country liquor Distillers Association, chaired jointly by the principal secretary, sugar industry and cane development and principal secretary, excise.
According to the new formula devised by the two principal secretaries, the minimum base price for reserved molasses for the auction will be decided by a reverse calculation of ENA cost and the cost of molasses that has been factored in the pricing of country liquor. Tenders for molasses will be completed by this formula only.
