Orient Cement and Adani Power Maharashtra terminate MoU to set up cement grinding unit

Orient Cement on Wednesday announced that the non-binding memorandum of understanding (MoU) that it had entered with Adani Power Maharashtra (APML) has been terminated.

In September 2021, Orient Cement had entered into the 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 Tiroda, Maharashtra.

In an exchange filing, the cement maker said, APML has requested the company to not to pursue this venture further as they are not able to obtain the required Maharashtra Industrial Development Corporation (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.

Orient Cement stated that it has accepted the position of APML and accordingly, the said non-binding MoU stands terminated.

Orient Cement is part of the CK Birla Group. The company's net profit tumbled 37% to Rs 27.52 crore in Q3 FY23 from Rs 43.67 crore posted in Q3 FY22. Net sales rose 18.6% year on year to Rs 732.29 crore during the quarter.

Shares of Orient Cement were up 0.38% to Rs 117.95 on the BSE.

Powered by Capital Market - Live News