Adani Power Limited said on Friday that the MoU with Orient Cement Limited was terminated as the said conditions were not fulfilled, even after a considerable lapse of time beyond the validity period.
In an exchange filing, Adani Power said, "The validity period of the MoU was set at six months from the date of signing, with a maximum time limit of 365 days for both parties to complete their respective conditions." But as the conditions were not fulfilled despite considerable time beyond the validity period the companies mutually decided to terminate the MoU.
Adani Power Maharashtra Limited, which is a wholly owned subsidiary of the company, signed the MoU with Orient Cements Limited on September 23, 2021, for the use of a parcel of land on a sublease basis. This land was taken on lease by APML from MIDC at its power plant in Tiroda, Maharashtra. The lease would have only been approved after approval from MIDC and fulfillment of certain conditions.
Other projects by Adani Power
Adani's wind power project received approval from the Sri Lankan government on February 22. The company's Rs 7,017 crore deal for the acquisition of DB Power also expired earlier this month.
Shares of Adani Power Limited
The shares of Adani Power Limited on Friday at 1:31 pm were at Rs 146.65, down by 4.99 per cent. The shares of Adani Group have been in a slump since last month, after US-based short seller Hindenburg released its report accusing the group of fraud.
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