KARACHI, Jan 17: Trading Corporation of Pakistan (TCP) on Thursday awarded purchase contracts of 310,000 tons sugar to 69 sugar mills on the lowest bid price of Rs52800 per ton.

The state owned corporation invited bids for purchase of 330000 tons of white refined sugar from millers and opened on January 14, 2013.

In total 71 bids were received with lowest bids at Rs52,800 per ton was offered by Kamaliya Sugar Mills and Huda Sugar Mills for a quantity of 10,000 tons each.

The TCP accepted bids of both the mills on the same day.

However, to complete the procurement of total targeted quantity in pursuance the ECC decision the corporation offered other 69 bidders to match their price with the lowest price of Rs52,800 per ton.

As a result of this offer all the 69 sugar mills also gave their consent to match with the lowest price of Rs52,800 tons for a total quantity of 630,000 tons offered in their bids.

However, the TCP accepted their offer for the remaining balance of 310,000 tons at the lowest price of Rs52,800 which completed the corporation’s procurement target of 330,000 tons.