Al Khaleej may get nod for sugar trade

NEW DELHI: Dubai-Based sugar major Al Khaleej, rejected by the Foreign Investment Promotion Board (FIPB), may get another chance to obtain permission for wholesale trading in India. The finance ministry is reconsidering the grounds cited to reject the case. A communication has been sent to food & civil supplies ministry, whose recommendation played a key role in turning down Al Khaleej’s application.

Last month, FIPB rejected the request saying that sugar refineries set up by foreign firms cannot be compared with Indian factories, and domestic stocks cannot be mixed with imported stocks. Sources said, MoF may send the case back to FIPB if the inputs from food & civil supplies ministry warrant reconsideration.