Birla (NSE:BIRLACORPN, BOM:500335) has voluntarily surrendered its American Petroleum Institute (API) license for manufacturing Oil Well Cement Class G, Grade HSR, citing a lack of economic viability, according to a Thursday filing with the Indian bourses.

The license, issued by the API for its Chanderia, India-based Birla Cement Works, was effective from Nov. 17, 2023, and originally valid until Nov. 17, 2026. It was surrendered with effect from April 30, the filing said.

The company said the move will not result in any penalty or adverse impact.