Lanco Infratech News

Aiming to pare debt, Lanco Infratech will raise USD 1 billion (about Rs 6,600 crore) through the sale of one of its large power projects and listing of its power business in the next two years.

Shares of Lanco Infratech Ltd on Tuesday zoomed almost 20 percent after it posted consolidated net profit of Rs 98.98 crore for the second quarter of the current fiscal after three years.  

After acquiring Udupi Power Corporation Ltd from Lanco Infratech in April, Adani Group is now set to expand the plant's capacity by 1600 MW, which is estimated to cost over Rs 9,000 crore.

Lanco Infratech on Monday said it has started discussions with strategic investors to infuse equity in Teesta hydro power project for its speedy completion.

Lanco Infratech recorded a consolidated net loss of Rs 586.29 crore for the March quarter of 2014-15, slightly higher than Rs 584.29 crore a year ago.

Shares of infrastructure, realty and defence companies gained ground on Tuesday after the government recommended promulgation of an ordinance making significant changes in the Land Acquisition Act.

Lanco Infratech on Tuesday said it plans to raise Rs 5,000 crore by selling power projects having total generation capacity of 3,000 MW, amid lenders looking at ways to improve the group's financial position.

The diversified group has an aggregate outstanding debt of about Rs 49,000 crore from around 47 lenders, according to sources. The company has an order book of Rs 21,000 crore.

Adani Group is planning to invest Rs 12,500 crore for setting up a thermal power project in Odisha, days after it announced the Rs 6,000-crore deal to buy Lanco Infratech's plant in Karnataka.

Shares of Lanco Infratech and Adani Power gained as much as 5 percent on Thursday following a mega deal for a power plant between the two companies.

Adani Power will acquire Lanco Infratech's 1,200 MW Udupi thermal plant in a deal worth over Rs 6,000 crore.