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Hyderabad, Nov. 14

Lanco Infratech Ltd has entered into share purchase agreements with Agri Gold Projects to divest its stake in two biomass projects in favour of the latter. According to company sources, the agreement was executed by Lanco Infratech Ltd, and other promoters to divest stake in Rithwik Energy Systems Ltd and Clarion Power Corporation Ltd. Both are biomass projects and subsidiaries of the company. The move will enable Lanco Infra to divest 100 per cent equity in these biomass plants. The company believes that it would prefer to focus on larger projects and stay away from biomass projects. The Clarion Power plant is based near Ongole and has 12 mw capacity and Rithwik, a 6-mw project, is located at Srikakulam. The company did not disclose the transaction value. —

Our Bureau

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