The India sugar industry has seen many bitter battles, between cane growers and the sugar mills, the sugar mills and the government, and GoI and the other governments. The uncertainty and cyclicality of the sector had put many investors off sugar mills. But now it looks like this might change. The government’s recently set ethanol-blending targets have sweetened prospects of the mills. As more sugarcane is diverted towards ethanol, surplus sugar in the country will reduce and the commodity’s price will stabilise.