Ad Here  
April
May
June
July
August
September
 
 
Kolkata kisses goodbye to Ambi? Fox Star Studios to tie-up with Bolly-wood and Kollywood GMR to raise US $ 250 mn thru QIP Singapore Airlines prefers Airbus German envoy Steiner caps a language row Carlyle invests in Trehanís Medanta Medical Centre While MoTown is on a tailspin, the telecom sector is staging a rally Smartphone prices may change Vodafone to buy out minority shareholders Aircraft lessors to get protection from defaulting airlines SpiceJet in the news again How important is Modiís German visit... LANCO opens negotiations with buyers for Karnataka power plant Vodafone slapped with tax notice of Rs 3700 crore TVS bullish on the two wheeler market? TCS, Indiaís biggest block buster Hunt for new finance secretary on... Lanco to sell Australian acquisition Automobile sector in slump... Plans to double trade with Latin America Wal-Mart studying FDI norms post split with Bharti Infosys not to cut prices Airlines hit by service tax on lease Urja Sangam in Delhi Jet-Etihad Rs 2000 plus crore deal to be cleared Canada screams over IT outsourcing to India Capital Notes Renault revving up small car launch Latin America beckons India for investments Flipkart India in the red by Rs 280 crore Hyundai Grand i10 awaiting launch Excise duty may halt the war in SUV market ONGC to draw down on reserves to meet CAPEX needs Trends point to a hung assembly
 
LANCO opens negotiations with buyers for Karnataka power plant
Aiming for a valuation of around Rs 3000 crore for the plant, LANCO is said to be wanting to get the plant off its books as itís based on imported coal, costs of which have become prohibitive.

The beleaguered Andhra Pradesh origin LANCO, based in Gurgaon has opened negotiations with prospective buyers for selling off its Udupi Power Corp Ltd in Karnataka as part of its exercise to reduce its debts.

Aiming for a valuation of around Rs 3000 crore for the plant, LANCO is said to be wanting to get the plant off its books as it’s based on imported coal, costs of which have become prohibitive. It has recently announced that it would be selling its 70 MW Budhil Hydropower project and two other plants of 5 MW each in Himachal Pradesh to Hyderabad based Greenko Energies Ltd for around Rs 650 crore. LANCO’s plans to sell off its assets forms part of the debt restructuring programme and agreements it has entered into with its creditors. Earlier attempts to reduce debts by selling part of its assets had not met with the response the company desired.

Lenders of LANCO, had cleared a proposal to restructure a sum of Rs 7700 crore for offsetting the company’s debt. This has a two year interest holiday built in. Further, a loan of Rs 2500 crore is likely to be extended by the banks to LANCO.

Author :
Reported On :
Sector :
Shoulder :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com