The Hindu Business Line : Lanco group founder-promoter quits

ONE of the founder-promoters of the Hyderabad-based Rs 2,500-crore Lanco group of companies, Mr Yarlagadda Harish Chandra Prasad, has decided to leave the group after a decade-long association.

Mr Prasad currently holds one-fifth of the equity in the group; he is considered responsible for the group's comprehensive strengths in the power sector.

Mr Prasad is planning to float own ventures in the areas of power and infrastructure with total investments of around Rs 4,000 crore.

Towards this, he is incorporating a group of companies called Malaxmi.Confirming the developments and his plans to Business Line, Mr Prasad, however, refused to divulge the reasons for leaving the group, terming them as "personal."

"Ever since I have decided to part ways with the Lanco group and start power ventures on my own, offers have been pouring from across the country. There are a good number of corporate houses in the country that have obtained licences to execute IPPs but could not proceed further in the absence of due diligence exercises," he said.

"I have accepted a proposal to execute a 100-MW power plant in Chattisgarh with an investment outlay of Rs 600 crore."

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