Just 37 Indian sugar mills have received soft financing to boost ethanol production

In India, the Financial Express newspaper reports that just 37 sugar mills have received soft loans for boosting ethanol production from a total 417 who applied for funding. More than 360 mills received “in principle” approval but only 96 actually approached banks for the financing. Of the approved funding, eight projects have been completed, adding 1.6 million liters of additional production capacity. If the 417 projects had been approved, they would produce more than an additional 6 billion liters. Many mills are in dire financial straits at the moment and their balance sheets could not take on new financing to expand ethanol production.