Lanco Infra wins lawsuit to revise CSA in Australia
“The revised CSA will result in a gain of approximately A$150 million in NPV terms, including a substantial upfront payment to Griffin Coal Mining Company Pty,” Lanco Infratech chairman L Madhusudhan Rao said in a statement. Lanco’s share surged more than 7% to close at R13.46 on Monday on the BSE.
The company, through its Australian subsidiary Lanco Resources Australia, had acquired Griffin Coal and Carpenter Mine Management for about A$720 million in February last year. Griffin Power entities (Bluewaters) are in the process of being acquired by Japanese consortium of Sumitomo Corp and Kansai Electric Power.
“This (ruling) is a milestone for Lanco. Griffin is coming to a good shape... We will be getting more revenues once the revised CSA is in place,” Lanco CEO (Business Development) Nagaprasad Kandimalla said.
According to Kandimalla, the revised pact is expected to be signed by the middle of January 2013.
Australia’s vast natural resources have attracted a stream of Indian investment, with the Adani Group, GVK Industries, Aditya Birla, and Reliance Industries among the companies to have invested in the country.
Griffin Coal has a long-term fuel
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