Adani Power Maharashtra with Non binding MoU terminated says Orient Cement share crash – Business News India

read on the appGautam Adani Crisis: Gautam Adani Group is getting one blow after another. After the Hindenburg Report and the revelations of Wikipedia, Adani Group's troubles are

increasing continuously. Now Orient Cement, a firm of CK Birla Group, said on Wednesday that it has canceled the non-binding MoU with Adani Power Maharashtra Limited (APML). Let us

inform that before this, DB Power also canceled the deal of 7000 crores with Adani Power. Similarly, Adani's deal with a government company PTC India has also stopped. What did

Orient Cement say?Orient Cement said in a regulatory filing, "We inform that APML has requested the company not to proceed with this business as they are unable to lease the land

required for CGU due to certain legal issues." We have not been able to obtain MIDC clearance for the project." It further added that the timelines as per the MoU have been

exceeded. Orient Cement has accepted the position of APML and entered into a non-binding MoU. has ended. Wikipedia's disclosure on Adani stirred up the market, shares of the group

badly broken, sank ₹ 40000 crores Shares of both the companies declinedOrient Cement had entered into an agreement with Adani Power Maharashtra Limited for setting up

a Cement Grinding Unit (CGU) at Tiroda, Maharashtra. However, it has been put on hold due to legal reasons. Shares of Orient Cement closed at ₹118.00 per share on the NSE, a

decline of 1.34 per cent on Wednesday. At the same time, shares of Adani Power closed in the lower circuit of 5%.