Orient Cement has terminated a non-binding Memorandum of Understanding (MoU) with Adani Power Maharashtra (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) at Tiroda, in the State of Maharashtra.
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. The Company has accepted the position of APML and accordingly, the said non-binding MoU stands terminated.
Orient Cement has emerged as one of the fastest growing and leading cement manufacturers in India.
