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Orient Cement & Adani Power Maharashtra terminate MoU
On Wednesday, Orient Cement announced the termination of the non-binding Memorandum of Understanding (MoU) it had signed with Adani Power Maharashtra (APML).
With the intention of studying the feasibility of developing a cement grinding unit (CGU) in Tiroda, Maharashtra, Orient Cement and APML engaged into a non-binding Memorandum of Understanding (MoU) in September 2021.
The cement manufacturer stated in an exchange filing that APML has asked the company to forego moving forward with this project because they are unable to secure the necessary Maharashtra Industrial Development Corporation (MIDC) clearances for subleasing the parcel of land needed for the CGU due to some legal issues. Likewise, the timelines set forth in the Memorandum of Understanding have passed.
By accepting APML's viewpoint, according to Orient Cement, the aforementioned non-binding Agreement is no longer in effect.
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