State plantation firm PT Perkebunan Nusantara (PTPN) X has said it is seeking up to Rp 2 trillion (US$216 million) to revitalize its sugar factory so it can meet national demand.
“We need between Rp 1.5 trillion and Rp 2 trillion to revitalize our sugar factories, not only mills but also sugarcane plantations,” PTPN X president director Subiyono told reporters Wednesday night.
Subiyono said of this amount the company would provide about Rp 500 billion, while the rest would be obtained through bank loans.
“Two state banks, PT Bank Rakyat Indonesia and PT Bank Mandiri, have agreed to extend loans to us,” he said.
The revitalization project will allow PTPN X to increase the capacity of its each sugar factory from 37,000 tons to 40,000 tons a year. Subiyono claimed the company had also improved the quality of its sugar.
PTPN X expects to produce 525,000 tons of sugar using its 11 mills this year.
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