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Clearing the project with 12 conditions, the environment watchdog said Griffin Coal's proposal to develop a coal storage and loading facility at Berth 14 A at Burnbury Port, (175 kms from Perth) would be open for public comments till July 31 and the Environment Minister would take the final decision, according to a report by the EPA.
Lanco Infratech's shares surged 11 percent on Monday after the company says the protracted litigation for a claim of AUD 3.5 billion initiated by Perdaman Chemicals against Griffin Coal (a subsidiary of Lanco), Lanco Group and its Officers, in the Supreme Court of Western Australia has ended.
Lanco Infratech is exploring out-of-court settlement with Australia-based Perdaman Chemicals and Fertilisers, reports CNBC-TV18 quoting sources. It is learnt that Lanco may seek to settle suit before July 2013.
Griffin Coal, the Australian subsidiary of Indian infra giant Lanco is in advanced stage of negotiations with Australia-based Qube Logistics to sign an MOU for transportation of coal from mine to port, a senior official of Lanco Infratech said.
Griffin Coal, the Australian subsidiary of Indian infra giant Lanco, is set to get AUD 50 million as an upfront payment from Bluewaters Power in the third week of January next year towards long-term coal supply agreement, a senior official of Lanco Group has said.
Diversified group Lanco Infratech said it has won a ruling from an Australian court that allows its subsidiary Griffin Coal to revise coal supply pact with Bluewaters Power Station.
As the legal tussle between Lanco and Perdaman heat up, Lanco today extended an invitation to discuss and settle the matter out of court. Perdaman however has turned down the offer. "Lanco has to give guarantee of coal supply,” Andreas Walewski, director (corporate), Perdaman Chemicals tells CNBC-TV18.
Lanco Infratech said on Tuesday its unit Griffin Coal has terminated a coal supply pact with Australia's Perdaman Chemicals and Fertilisers as the latter failed to meet a condition to achieve financial closure.
In a press release, Lanco Infratech has said that the coal supply agreement between Griffin Coal and Perdaman has been terminated because Perdaman did not achieve all the conditions precedent related to financial closure in the agreement.
Bolstered by banks offering record amounts of loans for takeovers, Indian companies are taking on grand plans and greater risk amid heavy supply demand and a shaky economic picture.
Perdaman Chemicals has got a temporary restraint against Lanco Infra against mortgaging Griffin Coal in the future. Andreas Walewski, Director says that the matter will be settled in a hearing on Wednesday.
After filing a AUD 3.5 billion- lawsuit, Australia's Perdaman Industries has again moved the court against Lanco Infratech seeking a restraint on the Indian major from mortgaging of Griffin Coal in future.
Lanco Infratech is in talk to supply Griffin Coal to Bluewaters Power. It has bought Australia's Griffin Coal Mine, reports CNBC-TV18. It touched an intraday high of Rs 28.15 and an intraday low of Rs 27.95. At 09:19 hrs the share was quoting at Rs 28.10, up Rs 0.55, or 2%
