INDIA’S SUGARCANE AND SUGAR INDUSTRY has literally hit the sweet spot. It is not just the country’s second-largest agro-based sector, following closely behind cotton, but has also put India in the top spot globally in sugar production -- churning out an impressive 37 million metric tonne of sugar in 2022. Besides, it also sustains the livelihoods of countless sugarcane farmers in rural areas while providing gainful employment to nearly 500,000 individuals working in sugar mills across the nation.
The industry is in the news these days. Sugar prices in the country have surged over 3 per cent in two weeks, reaching a six-year high due to concerns about limited rainfall in key growing regions. This spike could worsen food inflation and deter sugar exports, which, in turn, may end up inadvertently supporting already high global prices.
Sugar mills fear a sharp production decline in the upcoming season due to drought, making them reluctant to sell at lower prices, according to Ashok Jain, President of the Bombay Sugar Merchants Association. While this price hike may strain consumers, it’s a boon for sugar producers like Balrampur Chini, Triveni Engineering & Industries, Dwarikesh Sugar, Shree Renuka Sugars, and Dalmia Bharat Sugar. Improved margins will help them make timely payments to farmers, say experts.
One company, like its peers, has seen robust growth in its production, processing and sale of sugar. One of the largest integrated sugar producers in the country, Triveni Engineering & Industries (TEIL) has set new records in various segments, showcasing its resilience and commitment to growth in FY23. Triveni is also among the leading players in its engineering businesses, comprising power transmission and water and wastewater treatment solutions.
This story is from the 21 October 2023 edition of BW Businessworld.
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This story is from the 21 October 2023 edition of BW Businessworld.
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