Lanco Infra Sells Power Plant to Adani for $327 Million
Mumbai: Lanco Infratech Ltd has said that it sold a 1,200-megawatt (MW) thermal power plant in Karnataka to Adani Power Ltd for about Rs 2,000 crore ($327 million; 1 dollar = 61.2150 rupees), as the company looks to cut debt.
Adani Power, part of the Adani business conglomerate led by billionaire Gautam Adani, will take on the plant's existing debt of about Rs 4,000 crore as part of the deal, Lanco said in a statement late on Wednesday.
Lanco, which produces power, builds roads and constructs residential and commercial buildings, in July last year started a process to restructure its $1.3 billion debt after economic weakness hurt some of its core businesses.
It had a net debt of about Rs 36,000 crore ($5.9 billion) at the end of March this year, according to the company's website.
The coal-based power plant in Udupi has two units of 600 MW each and imports about 4 million tonnes of coal per year from Indonesia, as per the Lanco website.
Copyright @ Thomson Reuters 2014
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