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Cabinet approves soft loan of Rs 12,900 cr for sugar mills

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New Delhi, March 7 (IANS) The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved funds amounting to Rs 2,790 crore towards interest subvention for extending a soft loan of Rs 12,900 crore by the banks to the sugar mills to boost ethanol production capacity.

The loan will help the millers improve liquidity, reduce cane dues of farmers and achieve the target of 10 per cent blending in the Ethanol Blended Petrol Programme (EBP), as per a statement.

The funds under the “Scheme for extending financial assistance to sugar mills for enhancement and augmentation of ethanol production capacity” are in addition to the Rs 1,332 crore approved in June last year.

The CCEA also approved Rs 565 crore towards interest subvention for extending a soft loan amount of Rs 2,600 crore by banks to the molasses-based standalone distilleries to augment capacity through installation of incineration boilers and other methods for achieving zero liquid discharge (ZLD).

“This decision would further help in achieving the blending target for mixing ethanol and in achieving the objectives of the National Bio-Fuel Policy, 2018. It will also help in reducing sugar inventories by diversion of B-Heavy molasses and sugarcane juice for ethanol production and thereby sacrificing sugar during surplus phase,” read the statement.

It will also improve liquidity of sugar mills by way of value addition to their revenues from supply of ethanol under EBP, thereby facilitating them to clear the cane price dues of the farmers.

Abinash Verma, Director General of the Indian Sugar Mills Association (ISMA), said it was an “excellent” decision taken by the government to allow more sugar mills to avail the benefit of subsidised loans to set up ethanol projects.

“Considering the current ethanol capacity of 355 crore litre, we will cross 10 per cent blending with petrol in the next year itself. The year thereafter could see us substituting even 15 per cent of the country’s petrol consumption,” Verma said.

Verma said it will help the sugar industry reduce surplus sugar production by diverting the surplus sugarcane into ethanol, which could see a reduction of 1.5 to 2 million tonnes of sugar production from the next year itself.

The total sugar production in the country is expected to be around 307 lakh tonnes in 2018-19 as against 322.5 lakh tonnes in 2017-18.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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