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Vadodara, Mar 14 : Despite written assurances from the government of Gujarat to offer tax credit to oil companies, in case of ethanol purchases from sugar factories in the state, oil companies are still dragging their feet over the acceptance of tenders of sugar factories in the state.
Oil companies have been delaying the purchase of ethanol through tendering process from sugar factories in Gujarat for various reasons, resulting in a glut of ethanol at state sugar factories, and a few factories have even been forced to halt production in the absence of ethanol buyers.
The decision by oil companies to accept the tenders of Gujarat-based sugar factories has been on the backburner for the past 15 months and recently, oil companies delayed the process of presenting the issue of tax burden, said HA Badi, MD, State Federation of Cooperative Sugar Factories Ltd.
He also added that when the sugar factories approached the state government on the issue of the tax burden, the state government gave a written assurance that it would offer tax credit to oil companies. “Oil companies should take the decision immediately in the interest of the state sugar cooperatives”, Badi said.
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