KARACHI, Feb 27: The Trading Corporation of Pakistan (TCP) has accepted the bid from an Indian company — Indian Sugar Exim Corporation — for the supply of 50,000 tons of sugar at the rate of $478 per ton. The contracted consignment is expected to reach Karachi Port within six weeks.

The state-owned TCP received three bids from companies namely, Sucden of Dubai, Sugar Exim Corporation, New Delhi, and Agro International against its tender dated February 2, 2006, for the import of 50,000 tons of sugar from India.

The tender evaluation committee of the TCP found the bid from M/S Sucden technically non-responsive. Out of the remaining two bids the offer of Indian company was the lowest.

During negotiations, Indian Sugar Exim Corporation clarified that they were not confident about the timely availability of railway racks for supplying the tendered quantity of 20,545 tons via Attari/Wagha border.

However, they assured that they could give delivery of entire cargo by sea within the given time. Therefore, their final offer for supply of 50,000 tons at the rate of $478 per ton was accepted and the contract was awarded. Nevertheless, the letter of credit (LC) would be opened as soon as performance bond is received.

The TCP plans to import further quantities of sugar from the worldwide sources (not the Indian specific purchases only) in order to tide over the present sugar crisis.