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Vaidyanath Sugar Cooperative pledged to bring out socio-economic
transformations in the industrially backward Parali and Ambajogai
talukas of Beed district in the backyards of Marathwada. This
is largely a drought-prone region of Maharashtra.
The
factory received a letter of intent from the Central Government
with blessings from the Honorable Prime Minister, Mr. Atal
Behari Vajpayee on July 31, 1996, for the 2500 metric tonne
capacity sugar mill.
 Within
just five days, on August 5, 1996, the promoters of the factory
set the ball rolling by raising the minimum capital of Rs.
15 lakh and the factory was registered with the Commissioner,
Sugar, State of Maharashtra.
Mr.
Gopinath Munde was elected as the Chief Promoter on September
9, 1996.
 Site
was selected for the factory at Pangari village in Parali
taluka on September 19, 1996.
After
the registration the factory General Body met for the first
time on September 22, 1996 and Board of promoters was elected.
Agreement
for supply of machinery was signed June 26, 1997.
 The
civil works of the factory [Bhoomipuja (Groundbreaking ceremony)]
commenced coinciding with the birthday of the Honorable Prime
Minister Mr. Atal Behari Vajpayee, on December 25, 1997.
Supplementary
agreement for supply of machinery was signed on March 3, 1998.
By
this time, share capital of Rs. 1.25 was collected. The promoters
of the factory were committed to bring down the cost of construction
and machinery and other costs. This was expected to bring
down the project cost by about Rs 5 crore. This was resorted
to adhere to the draft project cost of Rs. 40 crore prescribed
by the Government of Maharashtra.
The chief promoter Mr. Gopinathrao Munde was determined to
build the factory spending minimum and still making it to
have the latest technology.
 The
development of the factory was done with predetermined schedules.
Direct purchases from the Steel Authority of India and cement-manufacturing
companies further augmented the savings by 10 per cent of
the steel and cement costs. Agreement was signed for civil
constructions at the factory site on January 1, 1998.
Care was taken while approving the tenders for the civil works.
The tender approved were hardly 0.92 per cent above the estimate
which itself was lowest in the region in the past two decades.
This saved Rs 100 lakh.
The
size of the main administrative block of the factory was confined
to a bare minimum of 5404 square mtrs. then the usual requirement
of 7500 square mtrs.and this saved an additional Rs 125 lakh.
This was done by decreasing the width of  the
building from 24 mtrs. to 20 mtrs.
The
construction of the factory was completed in 11 months and
this was a new record in itself.
Special
attention was provided to incorporate necessary changes in
the machinery to keep pace with changing technology and to
ensure efficiency Purchases were made with utmost care and
economy saving to the tune of Rs. 175 lakh.. First consignment
of machinery arrived at the factory site on May 5, 1998.
 Installation
of machinery started on August 14, 1998.
The boiler of the factory was first ignited on September 9,
1999.
The
first trial season started on November 1, 1999.
The
factory broke the record of cane crushing of 2.78 lakh metric
tonne in Maharashtra on March 9, 2000.
The
factory promoters have planned the repayment of project loans
of Rs. 23.5 crore within just 3 years instead of the norm
of 5 years.
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