Shillong: The final day of the budget session in the Meghalaya Assembly saw Chief Minister Conrad K Sangma and Deputy Chief Minister Sniawbhalang Dhar give accounts of the government’s “financial struggles” with the Mawmluh Cherra Cement Limited (MCCL).
Since 2006, the government has injected Rs 350 crore into the beleaguered public undertaking, including Rs 100 crore in the last five years, but with little return on investment.
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Sangma revealed that the government has to spend around Rs 1000 crore on the Meghalaya Electricity Corporation Limited to pay salaries and dues, leaving little to invest in MCCL.
He added that the government does not want to close down the MCCL, but is exploring privatization and other alternatives. Talks of a deal with Bhavika Commercial Private Limited (BCPL) are still in the air.
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In response to a query from Nongkrem legislator Ardent Miller Basaïawmoit, Dhar stated that the government has not yet set a timeline for when MCCL operations might resume.
It was also stated that while closing the company down is the last resort, the government is also open to the possibility of investing more money into the company.