Lanco Industries has withdrawn its proposal to establish a 0.3Mta mini cement plant in Andhra Pradesh, India.
The decision was made after the company reviewed the current market situation in the southeastern state. In a filing to the Bombay Stock Exchange, Lanco Industries stated: "Considering the present market scenario of cement in Andhra Pradesh, the proposal for setting up of mini cement plant of 3,00,000tpa, with rotary kiln, with an estimated capital outlay of INR125 crore, has been withdrawn.”
The statement also added: “If the company considers the project at a later date, the same will be informed.”
Lanco Industries in engaged in the manufacture of of DI pipes, foundry and SG-grade pig iron and Portland slag cement.
