Chief Minister Conrad K Sangma on march 28 said the government was not able to revive the Mawmluh Cherra Cements Limited (MCCL) despite having invested over Rs 350 crore.
Replying in the Assembly, Sangma said, "Since 2006 till date Rs 350 crore has been infused into MCCL and the last five years alone Rs 100 crore have seen infused to take care of the salaries and dues of the MCCL...the government has on numerous instances been infusing and investing money for reviving the MCCL,” he said.
In the final day of the Meghalaya Budget Session I replied to the questions on—— Conrad K Sangma (@SangmaConrad) March 28, 2023
1. Mawmluh Cherra Cements Ltd.https://t.co/tYydUWEkCY
2. Upgradation of Anganwadi Centreshttps://t.co/HFGGTN20ti pic.twitter.com/YzgOfGzD6v
"PPP mode is what the government is eyeing presently," added the Meghalaya CM.
Also Read: Meghalaya CM Conrad Sangma expresses gratitude to PM Modi, Amit Shah for removing AFSPA from several parts of Northeast
Stating that the government cannot continue investing in the MCCL, the chief minister said for the interest of the employees and state finances the government is exploring all options of a joint venture partnership to run the company. “However, we are yet to take a decision on the matter,” he said.
Sangma informed that joint venture partnership is part of the three options that the government is examining. The other two options are for the government to continue to invest in the company or to close it down the company.
“These are the only way out and we are trying to come up with the best solution so that not too much financial stress is put on the government,” he said.
According to the chief minister, apart from looking into the affairs of the MCCL, the government has also infused an additional Rs 1,000 crore in MeECL which was why the government went for option of a PPP mode to get private investors.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today