Orient Cement terminates MoU with Adani Power to set up unit in Maharashtra

Orient Cement entered into a MoU on September 24, 2021 with Adani Power Maharashtra Ltd (APML)

Orient Cement terminated its Memorandum of Understanding (MoU) with Adani Power on Wednesday to set up a cement grinding unit in Maharashtra.

In a statement, Orient Cement said it had entered into a MoU on September 24, 2021 with Adani Power Maharashtra Ltd (APML) to explore the possibility of establishing a Cement Grinding Unit (CGU) at Tiroda in Maharashtra.

"In this regard, we 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. Also, the timelines as agreed upon as per MoU have crossed," Orient Cement said.

"The company has accepted the position of APML and accordingly, the said non-binding MoU stands terminated," it added.