As Government forges ahead with plans to divest sections of the Guyana Sugar Corporation (GuySuCo), interests are brewing as far as India for the acquisition of assets from the local sugar industry.
The Asian powerhouse nation has always indicated through its diplomatic mission here, its willingness to assist Guyana with its heavily indebted and cash-strapped sugar industry. During recent high-level visits to Inida by a ministerial delegation led by Second Vice President and Foreign Affairs Minister Carl Greenidge earlier this year, and more recently by President David Granger, this interest was reinforced.
Foreign Affairs Minister Carl Greenidge
Speaking with Guyana Times, Minister Greenidge explained that while the Indian Government has offered assistance on the technical side, the more tangible interest was expressed by private companies at a meeting held with the Chamber of Commerce in Delhi during his visit. He noted that these companies, which have massive and expansive capacities, had indicated interests in investing in the local sugar industry or acquiring assets earmarked for divestment.
Asked what plans these companies may have for the assets acquired, if successful in the acquisition process, the Foreign Affairs Minister outlined that the interest varies on the capability of the companies.
“The companies that we spoke with would mostly just take them and continue sugar production but some of them are diversified companies. I think when they look to see what the assets are and what the capacity of the different estates is, then they would decide or be able to decide whether they want to bottle stuff, whether they want to deal with some of the by-products or whatever. It’s a little hard to tell at the first pass,” Greenidge posited.
On the other hand, aside from the interest in GuySuCo’s divested assets, Greenidge added that there are companies who will also be able to assist what remains of the local sugar industry with factory parts and/or even technical services, which they are all willing to offer.
Moreover, the Minister revealed the companies had also showed investment interest in other areas such as infrastructural development.
“They have, for instance, the firm that built the Stadium (at Providence, East Bank Demerara) is interested in doing stuff here and they have the capacity of a variety of firms including bridge building. So they will be coming back and they had asked for various bits of information,” he stated.
The Foreign Affairs Minister said these companies will be following up with Guyana’s High Commission in Indian to obtain the relevant information so as to further act on their interest in investing here.
This interest from these Indian companies comes even as local companies are also trying to get their hands on the divested assets of GuySuCo.
Following Government’s announcement to fire thousands of workers in an effort to downsize the sugar industry; leaving just the Uitvlugt, Albion and Blairmont estates operational in order to make GuySuCo more viable, the Special Purpose Unit was set up under the National Industrial and Commercial Investment (NICIL) to manage the divestment of the assets.
