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AP mints huge money from red sanders sale
The Andhra Pradesh government has earned a whopping Rs 991 crore from the global e-auction for sale and export of 3,615 metric tonnes of confiscated red sanders logs, officials said. The week-long e-auction through the Central government\'s Metal State Trading Corporation (MSTC) e-commerce platform was completed on Monday night.
Earns an enormous `991 crore through global e-auction of precious logs in the first phase
Hyderabad: The Andhra Pradesh government has earned a whopping Rs 991 crore from the global e-auction for sale and export of 3,615 metric tonnes of confiscated red sanders logs, officials said. The week-long e-auction through the Central government's Metal State Trading Corporation (MSTC) e-commerce platform was completed on Monday night.
The MSTC will submit the list of the highest bidders to the State government, which will then initiate the process of sale and exports. Successful purchasers, including both Indians and foreigners, will have to deposit 25 percent of the sale amount in 10 days and the remaining 75 percent in 30 days.
The exports have to be completed within 90 days of confirmation of the sale. The e-auction received huge response from the global buyers as average price exceeded the expected Rs.25 lakh per tonne. The forest officials were expecting Rs.1,000 crore from the sale of 4,160 tonnes of red sanders logs, categorized as A, B and C grades.
Though the Director General of Foreign Trade had given permission for the sale of 8,584 tonnes, the State government decided to put only 4,160 tonnes for sale and export in the first phase. The remaining red sanders are expected to be sold in the second phase. According to Andhra Pradesh Forest Department Principal Chief Conservator of Forests A V Joseph, they have permission to sell and export the wood by April 30 next year.
The State plans to use 30 percent of the proceeds from the sales for protection of natural red sander forest. The remaining money may be used to finance the government's scheme to waive farm loans.
