The ongoing economic turmoil has forced many corporate to revise their growth plans. In the wake of recession, Elecon Engineering Company Ltd has postponed its plans to acquire an overseas company.

The Vallabh Vidyanagar-based engineering company was scouting engineering firms in Western Europe and USA for acquisition. The company was also in talks with few companies for the purpose.

"We have made investments in other projects and we want to ensure that the progress of these projects is not hampered", he added. Elecon wanted to buyout a mid-sized company with a turnover of Rs. 400 crore in Western Europe or USA.

The net profit for the third quarter is also likely to be impacted due to recession. "Higher steel prices and increased currency fluctuations as well as higher interest cost will have impact on our net profits," he told media persons at Vallabh Vidyanagar.

However, the Rs. 800 crore company is hopeful of achieving the turnover target of Rs. 1,100 crore set for fiscal 2008-09. It may be mentioned here that the company has recently bagged some of the big orders. As result its orderbook has surged to Rs. 1,800 crore.

As part of its Corporate Social Responsibility (CSR), Elecon has joined hands with Corsoft, a California-based mobile solutions provider company. Elecon has roped in Corsoft to installed ICE (In Case of Emergency) software in mobile phones of its employees. The software is aimed at helping the user in natural and manmade crisis.

"With the help this software, a user can record all the vital details such as emergency contact numbers, personal health details and guidelines for first aid and disaster recovery. The company has launched this software for the first time in India," said Chirag Patel, founder of Corsoft.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street opens flat as data offsets Moody's warning - Thomas Cook India Q4 net jumps three times - Govt plans to make 30% sourcing from MSEs mandatory - Explain ways to cover govt loss on 3G roaming: TDSAT to telcos - Magma Fincorp plans to start gold finance biz in H1 of FY13

Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  High Growth Business Opportunities in Africa - Register to explore -  Medium-sized businesses are the engines of a smarter planet. -  Save over Rs.3000 with IndianOil Citibank Card -  We live for our family. have you secured them? -  India's No. 1 Property Site. Click here to know more.. -  Diseases earlier, Saving Costs, Extending Lives. Know More.. -  Get 5% cashback on telephone bills with Citi -  Enjoy the journey as much as the destination. click to know more.. -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Be part of it The World's Largest Aircraft. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Office 365 for professionals and small businesses. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -  Win a Business Class Ticket to Europe..Know more.. -   Introduce a New Automotive Luxury Car.. know more -  Health is Wealth..... Insurance + Savings... Know More...