Lanco buys DEG's stake in its upcoming Chhattisgarh power project
17 Jul 2009
Hyderabad's Lanco Infratech has bought the stake held by DEG, a German finance provider, in Lanco Amarkantak, a special purpose vehicle which is developing a 1,920MW coal fired power project in the Korba district of Chhattisgarh.
DEG held 3,95,82,450 shares amounting to 9.8 per cent stake in Lanco Amarkantak and was one of the first investors to pick a stake.
According to Suresh Kumar, chief financial officer, Lanco, the company felt this was the right time to buy DEG's stake.
Lanco Amarkantak is developing the Lanco Amarkantak Thermal Power Station near Pathadi-Saragbundia villages on the Champa-Korba state highway in Chhattisgarh. The project is expected to be a trend setter in the Indian independent power project sector.
The project also has stakes from KVK Energy and International Finance Corporation, an arm of the World Bank.
The power project at Korba will be developed in four stages. DEG had entered the project in 2006.
