KARACHI (January 29 2004): Trading Corporation of Pakistan (TCP) has purchased 79,000 tonnes of sugar from 14 sugar mills at a rate of Rs 14,100 per tonne against its second procurement tender.

Chairman TCP Masood Alam Rizvi said here on Wednesday that the corporation had already purchased 4,000 tonnes of sugar from Sindh M/s Pangrio Sugar Mills and Mirza Sugar Mills against its tender for the procurement of 100,000 tonnes of sugar in the bidding held last week.

He said that the corporation had made a counter offer to other competing sugar mills and 12 of them have now accepted our offer.

"Some of the mills are willing to sell more quantity and they have requested TCP to buy additional 21,000 tonnes of sugar from them, Rizvi said and added that TCP will buy this quantity.

He said that 38 sugar mills from Punjab and Sindh had participated in the bidding and offered a total quantity of 248,500 tonnes of sugar.

Since their prices were higher, the TCP had made a counter offer to remaining 36 mills and asked them to submit reply by January 26, 2004.

"Now they have accepted our counter offer and offered a quantity of 75,000 tonnes at Rs 14,100 per tonne. This quantity is now procured," Rizvi said.

Rizvi said that nine of these mills belonged to Sindh while three from Punjab.

Meanwhile, TCP has asked the mills to submit certificates regarding start of crushing of sugarcane and clearance of growers' dues by February 6, 2004.

The TCP chairman said that if the sugar mills fail to submit the required certificates from Cane Commissioner by the deadline, the TCP will not procure sugar from them.

It may be noted that the federal government had asked TCP to purchase 200,000 tonnes of sugar from mill to help the industry to overcome financial crisis.

Courtesy Business Recorder