Norway's SWF hikes stake in Lanco Infratech

Norwegian sovereign wealth fund has raised its holding in Lanco Infratech by purchasing a further 0.6% stake for around Rs 89 crore (USD 20 mn) from the open market. The sovereign fund already owned 1.17% in Lanco as of September 30.

January 06, 2011 / 15:00 IST

Norwegian sovereign wealth fund has raised its holding in Lanco Infratech by purchasing a further 0.6% stake for around Rs 89 crore (USD 20 mn) from the open market. The sovereign fund already owned 1.17% in Lanco as of September 30.

The Hyderabad-based infrastructure player firm has eight power stations across India including coal, gas, wind and hydro with a total installed capacity of 2082 MW and is looking to grow it over four-fold. Last month it beat short-listed bidders from China and Japan to buy Griffin Coal, the second largest coal mine in Western Australia, owned by the debt-ridden Griffin companies.

Like most other business groups entering power generation in the country, Lanco plans to ship the coal back to India to fire its thermal projects. Control over natural resources gives an advantage for power firms in keeping a check on cost of raw feed.

Money for Norway

first published: Jan 6, 2011 12:39 pm

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