Jul 28 2009 10:30AM
MUMBAI, July 28 (Reuters) - Sugar maker Balrampur Chini Mills Ltd has contracted to buy 85,000 tonnes of raw sugar at $375-$380 a tonne, which is expected to arrive in August and September, a senior company official told Reuters.
"This is our first consignment," Chief Financial Officer Kishore Shah said in an interview over the telephone.
"Shipment arrival is in the months of August and September. We are importing now. We will refine this in the next season," he said.
Industry and government officials say India has so far contracted to import about 3 million tonnes of raw sugar as its output dropped by 45 percent to 14.7 million tonnes in the crop year to September.
In 2009/10 output is likely to be below India's annual demand of about 22.5 million tonnes, making imports inevitable for the world's largest consumer in 2009/10 as well.
Balrampur Chini, which is currently selling sugar at 25 rupees a kg, posted a near four-fold jump in net profit for April-June to 663 million rupees, aided by higher realisation from sales, Shah said.
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