Economic Reporter :
Bangladesh Sugar and Food Industries Corporation (BSFIC) has taken measures to revive 15 loss-making sugar mills of the country.
The state-owned corporation is now set to seek a fund of Tk 12.70 billion from the government to narrow the trade gap for revival of these mills which have been making losses for years.
According to BSFIC source, Prime Minister Sheikh Hasina has already approved a fund of Tk 5.0 billion. But the corporation said they have outstanding subsidy of Tk 12.70 billion that they will seek. They will also hire technical people to run modern machinery.
BFSIC has total liabilities of Tk 3.38 billion as salary, wage, overtime, gratuity and provident fund and Tk 69.44 billion bank loan and debt service liabilities (DSL).
The industries ministry submitted a report on the overall situation and the ongoing activities of state-owned 15 sugar mills to the parliamentary standing committee on the industries ministry at its 4th meeting held last month.
BSFIC sources said the 15 sugar mills incur a loss of Tk 600 million per year which meet only 10 per cent of the country’s demand.
The 15 mills produce, on an average, 0.1 million tonnes of sugar a year out of its total capacity of 2.0-2.5 tonnes.
BSFIC chairman Ajit Kumar Pal has blamed rampant corruption, mismanagement, lack of skilled workers and modern technology for low production and losses by the mills.
Bangladesh Sugar and Food Industries Corporation (BSFIC) has taken measures to revive 15 loss-making sugar mills of the country.
The state-owned corporation is now set to seek a fund of Tk 12.70 billion from the government to narrow the trade gap for revival of these mills which have been making losses for years.
According to BSFIC source, Prime Minister Sheikh Hasina has already approved a fund of Tk 5.0 billion. But the corporation said they have outstanding subsidy of Tk 12.70 billion that they will seek. They will also hire technical people to run modern machinery.
BFSIC has total liabilities of Tk 3.38 billion as salary, wage, overtime, gratuity and provident fund and Tk 69.44 billion bank loan and debt service liabilities (DSL).
The industries ministry submitted a report on the overall situation and the ongoing activities of state-owned 15 sugar mills to the parliamentary standing committee on the industries ministry at its 4th meeting held last month.
BSFIC sources said the 15 sugar mills incur a loss of Tk 600 million per year which meet only 10 per cent of the country’s demand.
The 15 mills produce, on an average, 0.1 million tonnes of sugar a year out of its total capacity of 2.0-2.5 tonnes.
BSFIC chairman Ajit Kumar Pal has blamed rampant corruption, mismanagement, lack of skilled workers and modern technology for low production and losses by the mills.
