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Lanco Industries Ltd has decided to withdraw its proposal to set up a mini cement plant in Andhra Pradesh.
In a statement to the BSE, the company said: “Considering the present market scenario of cement in Andhra Pradesh, the proposal for setting up of mini cement plant of 3,00,000 tonnes per annum (tpa) with rotary kiln, with an estimated capital outlay of Rs 125 crore, has been withdrawn.”
The company had intimated to the exchanges on November 2012 that it was considering to set up a cement plant.
However, it has now decided to withdraw the move given the market conditions. It further stated that, “If the company considers the project at a later date, the same will be informed.”
The company shares closed at Rs 20, down 0.76 per cent, on the BSE.
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