Nearly 70 Maha coop mills couldn’t get ethanol financing despite greenlighting

In India, the Indian Express newspaper reports 67 cooperative sugar mills in Maharashtra have failed to secure funding for ethanol production expansion despite the projects being greenlighted. The banks were blamed for the roadblocks keeping the mills from moving forward with their investment plans who in turn blamed the mills’ weak balance sheets. Although some mills had been successful in creating tripartite agreements with oil marketing companies and banks to secure ethanol funding, in a meeting this week with banks, the National Bank for Agriculture and Rural Development and mill representatives, the NABARD failed to support such a model.