Bengaluru: The State Government has decided to let out Srirama Co-operative Sugar factory in Chunchanakatte, K.R. Nagar on lease for a 40-year period to private parties.

This decision was taken at a meeting chaired by Chief Minister Siddharamaiah at the CM’s home office ‘Krishna’ here on Thursday.

During the course of the meeting, Siddharamaiah said that Rs. 14.70 crore will be released as relief to 296 workers of the factory.

Stating that tenders will be invited for leasing the factory for 40 years, the CM said the money received through tender will be adjusted for payment of Rs. 14.70 crore, meant for the factory workers. Continuing, the CM said that he has directed the authorities to release Rs. 6.77 crore for payment of sugarcane dues to farmers who have supplied cane to Pandavapura Sugar Factory.

The CM also directed for release of Rs. 2 crore for starting sugarcane crushing at Pandavapura factory.

Sugar Minister Dr. Geetha Mahadevaprasad, MLAs S.R. Mahesh, K.S. Puttanaiah and Ramesh Babu Bandisiddegowda, Mysuru DC D.Randeep and others were present.