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Our Bureau

MR L. MADHUSUDHAN RAO

Mumbai June 8 International Finance Corporation (IFC), a subsidiary of the World Bank, has signed an agreement to subscribe to 5.84 per cent equity stake amounting to $8 million in Lanco Amarkantak Power Pvt Ltd.

LAPPL, a special purpose vehicle promoted by the Lanco group, is developing a thermal power station of two coal-based units of 300 MW each in Chhattisgarh.

The Rs 2,600-crore project is scheduled for completion in 2008. DEG, the private sector arm of KFW, Germany, has already committed to pick up 9 per cent stake in LAPPL, with Lanco Infratech Ltd holding 75.16 per cent.

Confidence in Lanco

The Lanco group Chairman, Mr L. Madhusudhan Rao, said, "This is the first project of Lanco Group with IFC and DEG as equity partners.

"This is a clear demonstration of the confidence of multilateral financing agencies in Lanco's projects."

The Lanco group has over two decades of experience in power generation, power trading, realty, engineering and construction, information technology and manufacturing.

Its power portfolio includes an operating capacity of 518 MW and additional capacities under construction totalling 3,200 MW.

The company's construction and EPC division is executing projects worth more than Rs 5,000 crore.

More Stories on : Mergers & Acquisitions | Infrastructure | Financial Institutions

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