Orient Cement has identified land admeasuring approximately 35 acre in Tiroda, Gondia district of Maharashtra for exploring the possibility of establishing a cement grinding unit in the state.
In this regard, the company 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 in the state.
The significant terms of the MoU include providing the said land, of which Adani Power Maharashtra is the lawful lessee, and obtaining required environmental clearances and approvals for subleasing of the said land and use of railway siding facility from the regulatory authorities.
In the event necessary approvals are not obtained, the parties will be entitled to terminate this MoU without incurring any liability to each other, and on termination of the MoU, the parties will be discharged of their obligations.
This MoU will 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 will cease to exist once the definitive agreements are signed between the parties.