India's Shree Renuka Sugars restarts Haldia refinery

Last Updated: Sat, Oct 20, 2012 18:43 hrs

MUMBAI, Oct 19 (Reuters) - Shree Renuka Sugars, India's biggest sugar refiner, restarted its 2,000 tonnes per day plant at Haldia in West Bengal after a gap of nearly a year to cash in on higher prices in the local markets, a senior company executive told Reuters.

India, the world's biggest sugar consumer, currently imposes a 10 percent duty on imports of raw and white sugar. However, importing raw sugar for refining, and selling white sugar in the local market is still viable, said Nandan V. Yalgi, an executive director at the company.

"There is a little margin. Earlier it wasn't there," he said on Friday.

The company on Tuesday started selling refined sugar through NCDEX Spot Exchange Ltd and received good response from buyers in eastern India, Yalgi said.

The company has sold 2,000 tonnes through the exchange so far, he said. (Reporting by Rajendra Jadhav; Editing by Gopakumar Warrier)

More from Sify: