India imposes a 50% export duty on molasses from January 18
A restriction of this kind is likely to ensure greater availability of molasses for domestic companies, thereby giving a boost to their ethanol blending targets.
Sugar stocks like Balrampur Chini, Dhampur Sugar and others will be in focus after the government imposed a 50% duty on the exports of molasses, an official notification said.
The notification will be effective from January 18, 2024.
A restriction of this kind is likely to ensure greater availability of molasses for domestic companies, thereby giving a boost to their ethanol blending targets.
In an interaction with CNBC-TV18 on December 29, Atul Chaturvedi of Shree Renuka Sugar mentioned that 25% of the molasses traded in the world originates in India and that the government should consider a ban on molasses exports now that sugar exports are banned as well.
Maharashtra, Gujarat and Karnataka are the three states exporting molasses from India. Some of the main countries where molasses is exported are Thailand, the Netherlands, South Korea, the UK and the Philippines.
(Edited by : Amrita)
First Published: Jan 16, 2024 9:01 AM IST
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