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AP govt to take over Nizam Sugar Factory
AP govt to take over Nizam Sugar Factory, Nizam Sugar Factory Limited,government’s decision on NSFL. The NSFL was put on auction by the Telugu Desam government regime in 2003 and Deccan Papers Limited bought it for Rs 69 crore.
- It will have to pay Rs 234 cr to DPL
- TDP govt sold it for Rs 69 cr in 2003
Hyderabad: Minister for Major Irrigation P Sudarshan Reddy said that the government has decided to take over the Nizam Sugar Factory Limited (NSFL) for the sake of farmers and employees.
Addressing media persons along with Minister for Women Welfare Sunitha Laxma Reddy here on Saturday, he said that the Group of Ministers (GoM) had recommended that the government take back control over the company. He said NSFL was set up by the Nizam ruler to benefit the farmers in Telangana region.
The NSFL was put on auction by the Telugu Desam government regime in 2003 and Deccan Papers Limited bought it for Rs 69 crore.
On the takeover process, he said that the government had called the present company owner and informed him about its decision. He said that the DPL had set up a power plant with an outlay of Rs 70 crore and a distillery unit. DPL had also acquired another 70 acres for the factory. “The amount to be paid back to the DPL for taking over the NSFL would be around Rs 234 crore”, he said and added that the financial experts would finalise the amount after analyzing the investments.
To a question, he said that the DPL had not earned any profit on the company so far. Sunitha Laxma Reddy said that the farmers in Medak and Nizamabad districts would be benefited by the government’s decision.
