Lanco acquires Griffin's Australian coal assets for $750 million
04 Mar 2011
EPC and infrastructure major Lanco Infratech Limited has acquired Griffin coalmines in Western Australia, for $750 million.
The transaction is the largest investment by any Indian enterprise in Australia so far, the company said in a press release.
The Australian company has been in administration since January 2010.
L Madhusudan Rao, chairman of Lanco, said the company had a successful meeting with the Australian premier this week and had received a positive response to the completion of the acquisition and its development plans.
"We are focused on growing the Griffin coal business, and further developing the mining and infrastructure (rail and port) facilities in the region," he added.
The company plans to develop the additional facilities at Bunbury port and ratchet mine production by four fold to above 15 million tonnes per annum.