From correspondents in Delhi, India, 07:32 PM IST

State-run Minerals and Metals Trading Corp (MMTC) hopes to finalise a contract to import white sugar by the first week of May and expects the cargo to arrive a month later.

'We will most likely import white sugar from Brazil,' MMTC chairman Sanjiv Batra told reporters Tuesday on the sidelines of a conference here.

MMTC is one of four state firms allowed to import duty-free white sugar as domestic output has fallen sharply. The other firms are State Trading Corp, PEC Ltd and National Agricultural Cooperative Marketing Federation of India.

The public sector undertaking has also acquired a gold refinery in Sona, Haryana in association with Switzerland-based metal refiner Pamp.

'We have already got land. We will start operations (at Sona) within nine months,' Batra said.

The refinery, with a total capacity of 360 tonnes, will supply gold to many jewellery retailers in the country, including Gitanjali Group, with which MMTC has a partnership to open retail stores across the country.

MMTC is also planning to set up a commodity exchange for gold, Batra added.

According to him, the slowdown-hit sales will revive on Akshaya Tritiya, which falls April 27 this year.

Akshaya Tritiya is an auspicious day according to the Hindu calendar for buying long-term assets like gold and silver, including ornaments made of the same, diamond and other precious stones, and real estate.

'The last few months have been tough... we hope that the sales revive with this festival,' Batra said.

(Staff Writer, © IANS)