India's Tata Chemicals says delayed subsidy creating liquidity problems

MUMBAI Fri Feb 8, 2013 3:34pm IST

Stocks

   

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)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Barack Obama in India