Dalmia Cement (Bharat) Ltd (DCBL), is evaluating options to buy out cement companies. DCBL has received Rs 500 crore from PE giant Kohlberg Kravis & Roberts (KKR) in May 2010 for a stake sale of 20 per cent in its cement subsidiary, Avnija Properties. KKR has an option to top it by another Rs 250 crore. It had assessed DCBL for an enterprise value (EV) per tonne of $104. "After the KKR investment, we have made significant progress in land acquisitions, land clearances and acquiring limestone reserves. We want to deepen our footprint in south and east India. Since 2008, we saw the global economy melting down, a lot of new players entering the market and some players struggle, which gives space to lot of M&A opportunities. So, after the KKR opportunity, we are looking at a mix of greenfield (new projects) and potential M&A opportunity. We have put aside some capital for the same. Though we really cannot put a hard number on how much capital we are putting aside, KKR has a large balance sheet and we will be able to do acquisitions," said Puneet Dalmia, managing director, DCBL. The company has used a part of the money which came from KKR for land acquisitions, government approvals and partly for debt repayments. The money is also being used for interest cost management. On asset valuations of acquisitions, Dalmia did not provide any specific value. He added, "It will all depend upon the asset quality and location and how much more expansion possibility is present on that plant."