Orient Cement and Adani Power Maharashtra terminate MOU to set up cement grinding unit
1 min read 22 Feb 2023, 10:14 PM ISTOrient Cement said APML has requested it not to pursue this venture further as they are not able to obtain the required MIDC clearances for sub-leasing the parcel of land required for the CGU
PremiumOrient Cement, part of CK Birla group, on Wednesday said that a non-binding memorandum of understanding (MoU) with Adani Power Maharashtra Limited (APML) for exploring the possibility of establishing a cement grinding unit (CGU) at Tiroda, in Maharashtra, stands cancelled.
Orient Cement said, “APML has requested the Company not to pursue this venture further as they are not able to obtain the required MIDC clearances for sub-leasing the parcel of land required for the CGU, due to some legal issues." Also, the timelines as agreed upon as per MoU have crossed, said Orient cement in its filing to the exchanges.
Orient Cement had entered into the non-binding MOU with APML on September 23, 2021 for setting out the understanding for facilitating bonafide use of the land for setting up CGU in Maharashtra. The significant terms of the MoU included providing the said land, of which Adani Power Maharashtra Ltd is the lawful lessee, and to obtain required environmental clearances and approvals for subleasing of the said land and use of railway siding facility from the regulatory authorities.
A few days back the Gautam Adani-controlled Adani Power Ltd had also seen the timeline for acquisition of coal-based power plants from the Danik Bhaskar group, also getting crossed. Adani Power did not complete the acquisition of the thermal power assets of DB Power Limited (DBPL) from the Dainik Bhaskar Group with in the stipulated times. Adani power in its filing to the exchanges had said that the long stop date for acquisition of thermal power assets of DBPL under the memorandum of understanding dated August 18, 2022 had expired on February 15, 2023.
