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.
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