Lanco Infratech Ltd has created two new holding companies to handle thermal and hydel power projects, respectively.
According to a statement to the stock exchanges, Vamshi Industrial Power has been named as a holding company for thermal special purpose vehicle and Vamshi Hydro Energies as a holding company for hydro-electric projects with effect from March 31.
These two holding companies are wholly owned subsidiaries of Lanco Power Ltd, which in turn is a subsidiary of the listed, diversified infrastructure company, Lanco Infratech Ltd.
In another statement, Lanco Hills Technology Park, a subsidiary company, informed that it is evaluating suitable legal action after studying the Andhra Pradesh High Court order which dismissed its plea to take up a petition on title related issues.
The company had purchased 100 acres from Andhra Pradesh Industrial Infrastructure Corporation Ltd in a public auction under competitive bidding route.
The Wakf Tribunal had passed an order restraining Lanco, Microsoft, Infosys, Wipro, Indian School of Business and others from alienating the property of 1,654 acres being claimed by the Wakf Board as these were Wakf properties.
This order was challenged in the High Court which dismissed it stating that this has to be decided by the Wakf Tribunal.
Keywords: Lanco Infratech, holding companies, thermal, hydro power projects, Vamshi Industrial Power, Vamshi Hydro Energies, Lanco Hills Technology Park, legal action, title related issues, AP High Court, Wakf Tribunal