Venus Sugar Ltd Company Summary

Venus Sugar Ltd Summary

Promoted by M P Singh with equity participation from the Uttar Pradesh State Industrial Development Corporation.The company came out with a Rs 9.15-cr public issue in Jun.92, to part-finance a project to set up a plant to produce sugar and alcohol. Total cost of the project was estimated at Rs 33.75 cr. The plant will have a higher crushing capacity of sugarcane to the extent of 3000 tcd with a provision to increase it to 5000 tcd at a minimal cost. There was a cost overrun of Rs 8.65 cr as the capacity was increased to 3000 tcd against 2500 tcd.VSL is engaged in the production and sale of sugar and molasses. Under the incentive schemes announced by the government for new sugar factories, VSL is able to sell its entire production under the free sale quota.During 1995-96, the company has set up new Sugar Plant in order to minimise energy consumption and increase profitability, the production of 3,80,000 sugar bags was allowed totally as Free Sale Sugar. Remaining 45,685 Sugar Bags produced by our factory comes under ad-hoc incentive scheme announced by the Government due to extended crushing upto June, 1996.The company has also shifted its registered office from Delhi to factory site at Shiv Shakti Nagar (Majhawali), Chandausi, District Moradabad in Uttar Pradesh.