Saturday, July 19, 2025
spot_img

Three parties keen on running MCCL

Date:

Share post:

spot_imgspot_img

SHILLONG, April 19: Three companies have evinced interest to run the loss-making Mawmluh Cherra Cement Limited (MCCL) after the state government floated the expression of interest (EoI).
Disclosing this on Tuesday, MCCL Chairman, Wailadmiki Shylla said, “We opened the EoI yesterday (Monday) and three parties have participated. All of them are from outside Meghalaya.”
He said one of the interested parties is GK Cement. The two others are from Assam and West Bengal.
“We are processing their papers,” he said.
The state government decided on the MCCL’s privatisation after failing to revive it despite making several attempts.
Set up in the early 1960s, the once-famed MCCL is the oldest public sector undertaking and the only state-owned cement plant of Meghalaya.
The company performed well for several years until its revenue started to show a dip. It continued to remain a loss-making enterprise despite heavy investments for its modernisation.
Recently, Shylla stated the state government would not only have the controlling shares but also the decision-making powers in the company.
The state Cabinet earlier cleared the proposal to initiate the process of joint venture in the MCCL keeping in mind financial constraints due to which the state government was unable to invest Rs 190 crore to revive the PSU.
The liabilities of the MCCL have accumulated to an estimated Rs 65.93 crore which includes Rs 27.09 crore dues to government departments, Rs 14 crore to suppliers and contractors and another Rs 24.84 crore as liabilities to employees.

spot_imgspot_img

Related articles

Brazil’s ex-Prez Bolsonaro fitted with ankle monitor

Sao Paulo, July 18: Brazil’s former President Jair Bolsonaro has been ordered to wear an ankle monitor, a...

Christian leaders visit Gaza post Israeli strike on church

Deir al-Balah, July 18: Top church leaders visited Gaza on Friday after the Holy Family Catholic Church was...

Trump gets entangled in Epstein controversy via 2003 letter

WASHINGTON, July 18: The controversy surrounding Donald Trump’s ties to Jeffrey Epstein escalated after The Wall Street Journal...

Druze-Bedouin clashes erupt after Syrian troop withdrawal

19Syrian government forces prepared to return to Sweida province Friday after renewed clashes between Druze militias and Sunni...