Akhil Gupta, vicechairman at Bharti Enterprises, is in talks to buy 5 per cent stake in ICEX from state-owned trading giant MMTC Ltd.
Industry sources told ET that the central government will "very shortly" announce the mandatory sugar export policy .
The country's food grain production from summer-sown crops is likely to drop 1.8 % from a year ago to 124.05 million tonnes.
The Centre has not been able to garner much interest from foreign countries on barter trade of commodities in lieu of Indian sugar.
Government said that it will allow sugar producers to export 4 million tonnes of the sweetener to help them clear part of the carry over stock.
According to the weather office, this could be the driest monsoon season in several years, barring the drought years of 2002 and 2009.
For most firms, August sales have contracted, and the outlook is not promising as water reservoirs are depleting, cane farmers have not been paid their dues.
The construction of new reservoirs has been slow. It has hampered the growth of storage in country. In the long run it is not a healthy situation.
“I want to assure people, that the government along with state governments are geared up in its preparations to tackle drought situation,” Singh said.
This year’s early withdrawal of southwest monsoon from western India could lead to early onset of the northeast monsoon over southern states.
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