Gurgaon based Lanco Infratech is in talks with four firms including
CSEC Ltd for the sale of its 1200 MW Udupi Power Project to cut down its
debt burden.Recently, 70 MW Lanco Budhil Hydro Power Project along with two
smaller hydel projects of 5 MW each was fully acquired by Greenko for
R655 Cr. Prior to this, it had put up its Australian unit Griffin Coal
Mining Company for sale.Lanco has been looking to sell its assets to fulfill the
restructuring terms of its debt which is at R7700 Cr. It has an order
book of R24,359 Cr, of which 84% constitutes internal projects.
Gurgaon headquartered Lanco Infratech
Limited has been driving growth
in the domains of Engineering, Procurement and Construction (EPC),
Power, Solar, Natural Resources and Infrastructure. The company also
generates and trades power from thermal, hydro, wind, and solar sources;
develops integrated properties comprising commercial and residential
buildings; and explores, mines, and markets coal. Referring to
divestment in wind and solar units, Lanco recently sold
its 10 MW wind farm in Tirunelveli, Tamil Nadu to a spinning mill. In
January 2012, the company was seeking to raise as much as $750 Mn by
selling a stake in its power business to PE investors. It reported a net
loss of R529.68 Cr for the quarter ended December
2013 as the company is suffering from fuel shortages and recovering of
dues. It had recently decided to seek shareholders’ approval to increase
the authorised share capital of the company from R500 Cr to R12,000 Cr,
besides converting R152 Cr infused by the promoters into the company as
equity. Other companies such as DLF, GMR Infrastructure and GVK Power
and
Infrastructure, among others, are also looking at divesting stake in
projects and subsidiaries, besides selling assets, to raise funds to pay
off debt.
Source : indianpowersector.com
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