Orient Cement Ltd has identified land ad measuring approximately thirty-five (35) acres in Tiroda, District: Gandia, Maharashtra, India ("Said Land") for exploring the possibility of establishing a Cement Grinding Unit ("CGU") in the State of Maharashtra. In this regard, the Company has entered info a non-binding Memorandum of Understanding ("MoU") with Adani Power Maharashtra Limited on September 23, 2021 for setting out the understanding for facilitating bona fide use of the land for setting up CGU in the State of Maharashtra. The significant terms of the MoU include providing the Said Land, of which Adani Power Maharashtra Limited is the lawful lessee, and to obtain required environmental clearances and approvals for subleasing of the Said Land and use of railway siding facility from th~ regulatory authorities.
In the event necessary approvals are not obtained, the Parties shall be entitled to terminate this MoU without incurring any liability to each other and on termination of the MoU, the Parties shall be discharged of their obligations.
This MoU shall be effective from the date of execution by the Parties ("Effective Date") for a term of six (6) months and the definitive agreements outlining mutual rights and obligations will be entered in due course of time. The MoU shall cease to exist once the definitive agreements are signed between the Parties.
Shares of ORIENT CEMENT LIMITED was last trading in BSE at Rs. 158.2 as compared to the previous close of Rs. 160.8. The total number of shares traded during the day was 69796 in over 920 trades.
The stock hit an intraday high of Rs. 163.75 and intraday low of 154.45. The net turnover during the day was Rs. 11193422.