Lanco Industries Ltd approved the merger of the company with Lanco Kalahasthi Castings Ltd. Ernst & Young Private Ltd has been commissioned to recommend the swap ratio.
Overwhelmed by personal as well as the company's big ambitions, he began aggressive pursuit of business goals set by the management.
Bid evaluation committee wants the combine's 'amicable extrication' from the project.
Six weeks after Lanco Infratech and Globeleq won the Rs 16,000-crore (Rs 160 billion) Sasan ultra mega power project, the Hyderabad-based company is planning to buy out its 70 per cent foreign partner.
The Hyderabad-based company was last week disqualified by an Empowered Group of Ministers, headed by Power Minister Sushilkumar Shinde.
The Gurgaon-based company, which is in negotiations with Chinese banks, expects to clinch the loans by September.
Lanco Infratech Managing Director Venkatesh Prasad was caught with Rs 34 lakh (Rs 3.4 million) in cash at the Hyderabad airport by income tax officials on Saturday.
Infrastructure conglomerate Lanco Group and leading financial services firm Edelweiss Capital have emerged frontrunners in the race for Axis Bank's private equity arm. According to two people familiar with the developments, Lanco and Edelweiss have made the most aggressive financial bids among all the non-binding ones that have come in so far. The bids, they said, were in the range of Rs 30-45 crore.
Babu had admitted more than once during his interrogation that it was the company's money.
Electrosteel Castings said the decision to merge with Lanco Kalahasthi was taken by the boards of both the companies.
ADAG group company Reliance Energy Ltd is the second-lowest bidder for the Rs 16,000 crore (Rs 160 billion) project, after Lanco. However, with the Lanco bid becoming invalid, REL could claim to be the lowest bidder.
Gurgaon-based infrastructure major, Lanco Infratech announced that it has agreed to acquire, for an undisclosed sum, Australia's Griffin Coal Mining and Carpenter Mine Management to fuel its growing power generation base.
The power ministry is considering asking Reliance Energy to match the price offered by the Lanco Infratech-Globeleq consortium for power from the Sasan ultra mega power project.
Power Finance Corporation, the nodal agency for ultra mega power projects, has sought legal opinion on whether Lanco Infratech had violated the norms while bidding for the Rs 16,000 crore (Rs 160 billion) Sasan power project.
State-run Power Finance Corporation on Thursday awarded the 4,000 MW Sasan and Mundra ultra mega power projects to the two successful bidders Lanco Infratech and Tata Power respectively.
Lanco Infratech has emerged as the lowest bidder for the 4,000 MW Sasan ultra mega power project, outsmarting its nearest rivals Reliance Energy and Tata Power as well as seven other contenders.
At Rs 1.196 per unit, power tariff reaches new bottom.
With an aim to make hockey faster and more viewer-friendly, Hockey Australia and infrastructure major LANCO Infratech Limited, on Tuesday, launched a new revolutionary nine-a-side tournament to be held in Perth from October 20 to 23.
Adani group is on track to surpass a combined Ebitda (earnings before interest, taxes, depreciation, and amortisation) of Rs 1 trillion in the ongoing financial year (FY25) as it prepares for a $2 billion (over Rs 16,700 crore) share sale by its flagship entity Adani Enterprises next month, according to a source close to the matter.
India defeated arch-rivals Pakistan 5-2 in an inconsequential round robin match to register their first win in the Lanco International Super Series hockey tournament in Perth on Saturday.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
Infrastructure company Lanco Infratech on Monday said it has firmed up investment plans of Rs 24,000 crore (Rs 240 billion) for becoming a 9,300 MW company in the next four years from the current power generation capacity of 2,082 MW.
India failed to qualify for the final of the Lanco International Super Series hockey tournament after losing 3-4 to Australia in a hard-fought encounter in Perth on Friday.
India were off to a disappointing start at the Lanco International Super Series hockey tournament. They squandered a one-goal lead and lost 1-2 to England in Perth on Thursday. Gurvinder Singh Chandi gave India the lead before England bounced back through goals from Daniel Fox and David Condon.
After the 1,200-acre special economic zone at Noida and the Anil Dhirubhai Ambani Group's gas-based power plant at Dadri, Lanco Kundapalli's 1,000-Mw Anpara C power project in Sonebhadra district of Uttar Pradesh has come under the scanner
Talks will begin later on the share purchase agreement, which will be done much later, after the negotiations are completed.
The YSR government had allotted Waqf land worth Rs 32,000 crore to Lanco group and other companies ignoring the protest by the Waqf Board and other Muslim organisations. Mohammed Siddique reports
An investment of Rs 600-700 crore (Rs 6-7 billion) is expected in the project.
The Indian women's team played out a sluggish 1-1 draw against Malaysia in Perth but it was enough to fetch the side a place in the Lanco International Super Series Hockey 9s final.
The Anil Ambani group's Reliance Infrastructure and Hyderabad-based Lanco Infratech have so far purchased the Request for Qualification applications for taking up the Rs 12,132-crore (Rs 121.32 billion) Hyderabad Metro Rail project.
To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
Rogue lending under political influence was rife in the Congress-led regime and is not happening in the Modi regime, certainly not on that scale. But if PSBs cannot lend as indiscriminately as they did last time in the name of 'credit expansion', how well will these banks do, asks Debashis Basu.
The release of water from the Chungthang dam led to a sudden increase in water levels up to 15-20 feet high downstream, defence spokesperson Lt Col Mahendra Rawat said.
Eleven bidders, including Adani Enterprises, have shown interest in the first-ever coal import tender issued by national miner Coal India (CIL). Recently, state-owned NTPC awarded 6.25 million tonnes (mt) of imported coal tender worth Rs 8,300 crore to Adani Enterprises. CIL, in a public statement on Tuesday, said: "The prominent Indian agencies among them (11 coal importers) were Adani Enterprises, Mohit Minerals, and Chettinad Logistics. "A couple of coal exporting agencies from abroad, including one from Indonesia, have also shown interest," it said.
The dispute centres around a coal supply deal in Western Australia.
Behind every successful promoter is a strong second-in-command, who has been instrumental to success.
Lagadapati Rajagopal, now being referred to as the 'pepper spray member of Parliament', is holding talks with Andhra Pradesh's caretaker Chief Minister Nallari Kiran Kumar Reddy about floating a new political party.
Power Finance Corp official overseeing project eased out.
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