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 fulfil the said conditions after a considerable lapse of time beyond the validity period, it was mutually decided to terminate the MoU,” Adani Power said.