Orient Cement enters into non-binding MoU with Adani Power Maharashtra

Orient Cement Ltd. | Cement & Construction Materials | Construction & Infrastructure | BSE: 535754 | NSE: ORIENTCEM

25 Sep 2021 Evaluate

Orient Cement has entered into a non-binding Memorandum of Understanding (MoU) with Adani Power Maharashtra for setting out the understanding for facilitating bona fide use of the land for setting up Cement Grinding Unit (CGU) in the State of Maharashtra. The significant terms of the MoU include providing the Said Land, of which Adani Power Maharashtra 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 regulatory authorities.

In the event necessary approvals are not obtained, the Parties shall be entitled to terminate this MoU without incurring any liability to each other and on termination of the MoU, the Parties shall be discharged of their obligations. This MoU shall be effective from the date of execution by the Parties (Effective Date) for a term of six months and the definitive agreements outlining mutual rights and obligations will be entered in due course of time. The MoU shall cease to exist once the definitive agreements are signed between the Parties.

Orient Cement is an India-based frontline cement company engaged in the production and branding of ordinary portland cement (OPC) and portland pozzolana cement (PPC).