The Tamil Nadu Newsprint and Papers Ltd and Tamil Nadu Cements Corporation (TANCEM) on Saturday entered into a Memorandum of Understanding for raising pulpwood plantation on unutilised dry lands of TANCEM.
The MoU was inked in the presence of Deputy Chief Minister M.K.Stalin. The cement company has 1600 acres of captive mining lands lying unutilised.
They were kept vacant for taking up limestone mining in future in a phased manner.
The plantation would be raised for 12 years, till the lands are taken up for mining. The newsprint company would raise the plantation in the entire area at its cost.
The company and TANCEM would share the produce in the ratio of 70:30. TANCEM would earn about Rs.9.25 crore as its share of produce during the contract period, according to an official release.
