Indian Express reports in advance of the coming sugarcane crushing season, cooperative mills in Maharashtra are going through a rough patch. Of the 95 mills, as many as 51 mills are not in a position to raise capital from financial institutions.
Analysis of the balance sheet reports show that 53 mills have positive net worth while 42 have reported negative net worth. It is said only 30 sugar mills have been able to make some profit.
Informed sources say politics has affected sugar mills’ financial background. Maharashtra has 202 registered cooperative sugar mills of which 29 have been sold either by the Maharashtra State Cooperative Bank or District Central Cooperative Banks.