India's Tata Chemicals says delayed subsidy creating liquidity problems
MUMBAI Feb 8 (Reuters) - India's Tata Chemicals Ltd has pending dues of 14.96 billion rupees ($281 million) from the government on account of fertiliser subsidies, its chief financial officer said, adding that delayed payments were creating liquidity problems for the company.
India controls prices of some fertilisers sold to farmers, and compensates producers through cash payments to make up for the shortfall.
Earlier on Friday, Tata Chemicals posted a net profit of 2.24 billion rupees, unchanged from a year earlier. ($1 = 53.29 rupees) (Reporting by Kaustubh Kulkarni)
- Tweet this
- Share this
- Digg this
- Kerry seeks Qatari, Turkish help to find Israeli soldier
- UPDATE 4-African leaders agree steps to fight runaway Ebola outbreak
- India says WTO deal not dead, can sign in Sept if concerns addressed
- UPDATE 3-Ugandan court overturns anti-gay law that halted Western aid
- Gaza truce over, Israel soldier captured, 70 dead in Rafah shelling
Prime Minister Narendra Modi came to office with a reputation as a business-friendly leader ready to open up one of the world's biggest markets and sweep away the remnants of the country's socialist past. Full Article