Adani Power Limited’s subsidiary, Adani Power Maharashtra Limited (APML), and Orient Cement Limited have decided to terminate a pact signed between the two entities for utilisation of a parcel of land in Maharashtra.
APML had signed a non-binding memorandum of understanding (MoU) with Orient Cement on September 23, 2021 for allowing utilisation of a parcel of land on sub-lease basis, which has been taken on lease by APML from Maharashtra Industrial Development Corporation at its power plant at Tiroda, Maharashtra. The MoU had a validity period of six months from the date of signing, with a maximum time limit of 365 days for the parties to the MoU for fulfilling their respective conditions. However, as the parties were unable to fulfill the said conditions after a considerable lapse of time beyond the validity period, it was mutually decided to terminate the MoU.