Lanco finalises Griffin acquisition for AUD 730 million
Lanco Infratech today said it has finalised the acquisition of Griffin coal mines for AUD 730 million in the largest ever investment by any Indian company in West Australia.
March 05, 2011 / 01:13 IST
Lanco Infratech today said it has finalised the acquisition of Griffin coal mines for AUD 730 million in the largest ever investment by any Indian company in West Australia.
"We have finalised our acquisition of Griffin coal mines for Australian dollar (AUD) 730 million, of which upfront payment was AUD 480 million," Lanco Infra Chief Financial Officer J Suresh Kumar told PTI.The infrastructure developer had announced acquisition of Griffin Coal mines in December 2010 to secure fuel for its projects to boost its power generation capacity to 15,000 MW by 2015 from existing 2,100 MW.Kumar said that of the remaining amount, the company will pay AUD 100 million in the next two years, while the remaining money of about AUD 150 million would be paid after four years. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!