Orient Cement Ltd updates on MoU with Adani Power for Cement Grinding Unit at Tiroda

Orient Cement Limited has entered into a non-binding Memorandum of Understanding ("MoU") with Adani Power Maharashtra Limited ("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.

Shares of Orient Cement Limited was last trading in BSE at Rs. 117.50 as compared to the previous close of Rs. 119.75. The total number of shares traded during the day was 40444 in over 1051 trades.

The stock hit an intraday high of Rs. 119.10 and intraday low of 116.65. The net turnover during the day was Rs. 4761231.00.

Source : Equity Bulls

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OrientCement INE876N01018 AdaniPowerMaharashtra MOU Termianted