SHILLONG, Aug 2: More than 10 days since the Cabinet approved the proposal for a joint venture in Mawmluh Cherra Cements Limited (MCCL) to revive the ailing cement plant, some parties have finally shown keen interest to initiate a joint venture partnership with the Meghalaya government.
Sources from the government said that the matter is moving forward as a draft Expression of Interest (EoI) has been submitted with the concerned department, following which a tender will be floated and interested parties can apply for the joint venture.
It was confirmed that the government would go ahead with the joint venture through the tendering process.
The state Cabinet last month had cleared the proposal to initiate the process of having a joint venture partnership in the MCCL keeping in mind the financial constraints that are there in the state and the inability of the state to invest Rs 190 crore to revive the PSU.
MCCL has been making continued losses since 2007-08.
As of 2018-19, the cumulative losses stood at about Rs 234 crore and as of September 30, 2020, MCCL owed Rs 60.75 crore in overdue liabilities to government departments, suppliers & contractors and employees.
