Adani Power on Friday said its subsidiary APML and Orient Cement have decided to terminate a pact signed between the two entities for utilisation of a parcel of land in Maharashtra.
The pact, which was signed in September 2021, had a validity period of six months.
In a regulatory filing, Adani Power said its wholly-owned subsidiary Adani Power Maharashtra Limited (APML) had signed a non-binding Memorandum of Understanding (MoU) with Orient Cement Limited (OCL) 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 MIDC at its power plant at Tiroda, Maharashtra.
The said 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, it said.
"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," Adani Power said.
Orient Cement terminates MoU with Adani Power to set up unit in Maharashtra
Adani Group to become most profitable cement manufacturer: Gautam Adani
Air India 'pee-gate': Wells Fargo terminates accused Shankar Mishra
Adani group to invest $150 billion in pursuit of $1 trillion valuation
Top listed cement companies' margins, profits lowest in a decade
Merger with Sony will get stuck in insolvency proceedings: Zee group
SpiceJet posts Rs 110 crore Q3 profit after three quarters of huge losses
Not just Galaxy S23, Samsung working to offer a range of devices in India
Bike startups had boomed just before the bans rolled out in Mumbai, Delhi
Reliance opens its first store in partnership with Gap Inc. in Mumbai
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)