Shillong, March 28: Chief Minister Conrad K Sangma 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 that during the last five years, Rs 100 crore was also infused to take care of the salaries and dues of the MCCL.
"Therefore, the government has in numerous instances been infusing and investing money (for reviving the MCCL)," he said.
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 down the company.
"These are 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.
Earlier, VPP chief and Nongkrem legislator Ardent Miller Basaiawmoit said that going for a joint venture will only put the MCCL at risk even as he suggested that it would be better if the government conduct a comparative statement by taking into consideration the cement factories in Jaintia Hills.
In his reply, Deputy Chief Minister in charge of Commerce & Industries Sniawbhalang Dhar informed that the government is still waiting for the documentary proof to be submitted by the company, which has expressed interest in a joint venture.
"Scrutiny is going on and we will take a call after examining the original documents of the company," he said.
The Deputy CM assured to examine the suggestion for conducting the comparative study. The MCCL has a total of 280 employees.