Pak-based Lucky Cement intends to set up plant in India
Pakistan-based Lucky Cement is contemplating to establish a cement plant in India following the successful completion of the feasibility study. The Lucky Cement was encouraged for the move after initiating its foreign cement projects (manufacturing units in Iraq and Congo).
Muhammad Rehan Khan an analyst quoting an Indian business newspaper, claimed the company was exploring possibilities to establish the unit in the North-Western region, Amritsar.
Lucky has not issued any official announcement regarding this development, it transpired that the company was currently evaluating various options including India and Sri Lanka. Moreover, Lucky Cement has started consulting the government authorities in both India and Pakistan to comply with the Foreign Direct Investment policy in India (FDI).
India has overturned a ban on FDI from Pakistan as part of an effort to boost economic ties. Presently, the company is catering the need of neighboring country by exporting its product and has successfully established its brand in the Indian market while the management of the company has also repeatedly highlighted the lucrativeness of Indian cement market owing to its huge area and growing middle class.