Adani Power on Friday stated its subsidiary APML and Orient Cement have determined to terminate a pact signed between the 2 entities for utilisation of a parcel of land in Maharashtra.
The pact, which was signed in September 2021, had a validity interval of six months.
In a regulatory submitting, Adani Power stated 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 permitting utilisation of a parcel of land on sub-lease foundation, which has been taken on lease by APML from MIDC at its energy plant at Tiroda, Maharashtra.
The stated MoU had a validity interval of six months from the date of signing, with a most time restrict of one year for the events to the MoU for fulfilling their respective situations, it stated.
“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 stated.
