MoU5 Oct 2024, 12:12 am
Shiva Cement Ltd. Enters MoU with Bhushan Power & Steel for 1.0 MTPA Cement Grinding Unit
AI Summary
Shiva Cement Ltd. has entered into a binding memorandum of understanding (MoU) with Bhushan Power & Steel Ltd. for setting up a 1.0 MTPA cement grinding unit in Bhushan Power & Steel's premises at Sambalpur, Odisha. The total amount payable by Shiva Cement Ltd. to Bhushan Power & Steel Ltd. is yet to be determined in the definitive agreement. The MoU includes terms such as Bhushan Power & Steel making best efforts to remove encumbrances on the land parcel and obtaining required approvals, exclusive operation of the completed unit for Shiva Cement Ltd., and adjustment of the INR 20,00,00,000 towards the total amount payable.
Key Highlights
- Shiva Cement Ltd. and Bhushan Power & Steel Ltd. have entered into a binding memorandum of understanding (MoU) for a 1.0 MTPA cement grinding unit.
- The MoU includes terms such as Bhushan Power & Steel making best efforts to remove encumbrances on the land parcel and obtaining required approvals.
- The completed unit will be exclusively operated for Shiva Cement Ltd. until all requisite approvals are obtained.
- The INR 20,00,00,000 paid by Shiva Cement Ltd. to Bhushan Power & Steel under the MoU will be adjusted towards the total amount payable in the definitive agreement.
- The transaction is being done on an arm's length basis.