Hyderabad-based Lanco buys Nagarjuna power project-DNA Money
The Nagarjuna Group has given up control of the Rs 4,300 crore power plant in Mangalore to the Hyderabad-based Lanco Group.
Lanco has picked up 74% equity in the 1,015 mw coal-fired thermal power project that has been hanging fire for a decade now.
...As to the reason for hiving off the majority stake in the project, which is at an advanced stage of implementation, Sinha said the group, which is also implementing an ambitious 6 million tonnes per annum refinery project at Cuddalore in Tamil Nadu, did not have the requisite funds to put into the power project.
“Therefore it felt it had to offload equity,” he added.
The Cuddalore refinery, which, too, has been under implementation for almost a decade now, is slated to cost Rs 4,500 crore. full story>>
Lanco takes control of Nagarjuna Power- The Telegraph
The Lanco group has picked up a controlling stake in Nagarjuna Power Company Ltd, which is setting up a power plant near Mangalore.
The Nagarjuna group, which is the promoter of the power company, has been forced to sell the majority stake for lack of funds. The group had suffered a setback after the collapse of Nagarjuna Finance Ltd.
....He said the group was implementing a 6-million-tpa refinery project at Cuddalore and, therefore, felt it necessary to offload its stake in the power project. The Cuddalore refinery will cost Rs 4,500 crore. full story>>
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