Perdaman lawsuit baseless, factually wrong: Lanco Infra

Lanco Infra was slapped with an Rs 16,733 crore lawsuit, on Friday, by Australia's Perdman Chemicals & Fertilizers for alleged breach of coal supply agreement.

Perdman had signed a coal supply agreement for 25 years with Griffin Coal, which was acquired by Lanco last year. As per agreement, Griffin Coal was to supply 2.8 million tonne of coal to Perdman every year.

The coal was for Perdman's upcoming urea plant which was stuck due to breach of the agreement.

Speaking to CNBC-TV18, J Suresh Kumar, CFO of Lanco Infratech called the Perdman claim "baseless" and promised for an appropriate response. "We are confident of the company's position legally,