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Lanco Infratech Ltd has announced that it has secured environmental clearance from the Ministry of Environment and Forests for its subsidiary Lanco Vidharbha Thermal Power Ltd, which is setting up a 1,320-MW coal plant.
The coal plant, coming up at Mandva in Wardha district of Maharashtra (based on supercritical technology), has earlier achieved financial closure. The project is estimated to cost about Rs 6,938 crore. This includes Rs 5,549-crore debt component and equity of Rs 1,387 crore.
The company had closed the debt part with a consortium of 16 banks and financial institutions with Punjab National Bank in the lead.
During the current financial year, the company has closed funding requirements for 1320 MW Amarkantak phase III and VI expansion project being developed at Chhattisgarh, Lanco Kondapalli expansion project and Lanco Babandh 1320-MW unit in Orissa.
To back these projects with additional coal supplies, the company, through its subsidiary Lanco Resources Australia pty td, has entered into an agreement for buyout of two coal mining firms in Australia and is poised to close the deals shortly.
The company currently has an operating capacity of 2,087 MW and expects to have operating capacity of about 4,000 MW by June 2011.
Lanco's shares closed the day's trade lower at Rs 38 against previous day's close of Rs 39.20.
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