MCCL cumulative loss of Rs 234 cr till 2019: CM

Shillong, Mar 15: The Mawmluh Cherra Cements Limited has made a cumulative loss of Rs 234 crores (till 2019) Chief Minister Conrad Sangma informed the house today.

He justified the decision to go for a joint venture by stating that even if the state government were to invest the Rs 190 crores needed to revive the company, it would not make it profitable since there were other issues like management, lack of skills to operate the new Dry Process plant etc.

In response to a supplementary question placed by Umroi MLA George Lyngdoh, on whether the state government can look into changing the top management before moving ahead with the joint venture, the Chief Minister replied that it was discussed in several meetings and the outcome remained the same.

He informed that timeline for completing privatisation hasn’t been finalised yet and that all stakeholders will be taken into confidence before moving forward.

Conrad added that despite the support provided by the State Government to MCCL, from 2007-2008 to 2018-19, the Company was not able to become a profitable and self-reliant entity.

He stated that as of September 30th, 2020, MCCL owes Rs 60.75 crores as overdue liabilities to government departments, suppliers & contractors and employees.

“In view thereof, it will not be possible for the State Government to provide the necessary funds to revive MCCL,” he stated.

The company has ceased production since March 2020.

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