J K Lakshmi Cement drops overseas acquisition plan

Kolkata : North India-based J K Lakshmi Cement has dropped its plan of last year to acquire a cement company in Egypt for Rs 800 crore. "We had been looking at capacities but we haven't been able to find one so far. Also, international economic conditions are not conducive and it will not give us the returns as expected. So, we are not looking at that option any more," said Shailendra Chouksey, director. “In India, the valuations local players are seeking is very high. It is cheaper to put up greenfield (new) capacity than acquiring one."