Government to release Rs. 65 cr. for Mysugar revival The Hindu : Karnataka / Bangalore News

The Hindu : Karnataka / Bangalore News : Government to release Rs. 65 cr. for Mysugar revival: "

The State Government has decided to release a grant of Rs. 65 crore to Mysore Sugar Company Ltd. (Mysugar) for its revival. The Government-owned factory is short of working capital.Addressing presspersons after a meeting with Chief Minister H.D. Kumaraswamy here on Saturday, Minister for Transport N. Cheluvarayaswamy, who is in charge of Mandya district where the factory is located, said the Finance Department had agreed to release the amount for the revival of the sugar factory. A sum of Rs. 20 crore would be released in the first phase, of which Rs. 15 crore would be used to pay arrears to farmers and Rs. 5 crore to revive the factory.The Finance Department will release Rs. 20 crore more in June and Rs. 25 crore in August.The money will be utilised to install new machinery to improve efficiency. The losses sustained by the factory year after year have been attributed to antiquated machinery.The factory, which faces water scarcity in summer, has decided to get water from the Bangalore Water Supply and Sewerage Board, Mr. Cheluvarayaswamy said.

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