BackNon-binding MoU with Adani Power Maharashtra stands terminated: Orient Cement
Orient Cement said that the timelines as agreed upon as per the MoU have crossed
PremiumCK Birla Group firm Orient Cement on Wednesday said that a non-binding Memorandum of Understanding (MoU) with Adani Power Maharashtra Limited (APML) stands terminated.
“We further inform that APML has requested the Company to 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," the company said in a regulatory filing.
It further said that the timelines as agreed upon as per the MoU have crossed.
"The Company has accepted the position of APML and accordingly, the said non-binding MoU stands terminated," it noted.
Orient Cement had entered into a non-binding MoU with APML for setting out the understanding for facilitating bona fide use of land identified for exploring the possibility of establishing a Cement Grinding Unit (CGU) in Maharashtra's Tiroda.
Orient Cement shares closed at ₹118.00 apiece on the NSE, 1.34 per cent down on Wednesday.
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