Lanco Infra to sell HP hydro power projects

Written by Press Trust of India | New Delhi | Updated: Feb 4 2014, 16:09pm hrs
Diversified group Lanco Infratech, which on Monday posted a net loss of about Rs 530 crore in the three months ended December, will sell three hydro power projects in Himachal Pradesh (HP).

Lanco Hydro Power (LHPL) has signed a deal with Tejassarnika Hydro Energies Pvt to divest 100% stake in 70 MW Lanco Budhil Hydro Power Project, according to a regulatory filing on Monday.

Tejassarnika is a subsidiary of Hyderabad-based Greenko Energies. The group also entered into a preliminary pact with Greenko to sell two smaller hydel projects in the state. Financial details were not disclosed.

"LHPL has also entered into an MoU to sell two small hydro power plants of 5 MW each located in Kangra district of Himachal Pradesh, to Greenko," the filing said.

Lanco Infratech has been grappling with tough business conditions and sluggishness in the infrastructure sector.