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.
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.
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.
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.
Overwhelmed by personal as well as the company's big ambitions, he began aggressive pursuit of business goals set by the management.
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 Gurgaon-based company, which is in negotiations with Chinese banks, expects to clinch the loans by September.
Babu had admitted more than once during his interrogation that it was the company's money.
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.
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.
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.
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.
Talks will begin later on the share purchase agreement, which will be done much later, after the negotiations are completed.
An investment of Rs 600-700 crore (Rs 6-7 billion) is expected in the project.
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.
The dispute centres around a coal supply deal in Western Australia.
This metro line would be a 33.65-km rail link between Bangalore City Centre and Bangalore International Airport.
Behind every successful promoter is a strong second-in-command, who has been instrumental to success.
Follow Anil Ambani group and Lanco for asset valuation.
India Gas Solutions the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas.
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.
Pulok Chatterjee has joined the Prime Minister's Office.
Four companies, including India's largest private sector electricity generator Tata Power and infrastructure major Larsen & Toubro Ltd, chose not to bid for the Rs 16,000-crore ultra mega power project (UMPP) in Tilaiya in Jharkhand even as Reliance Power, Lanco Infratech and NTPC Ltd, the country's largest power producer, submitted their technical bids.
Mutual funds bought FMCG, construction, auto, and IT stocks in November.
In the revised financial bids, Anil Ambani-controlled Reliance Power had emerged as the lowest tariff bidder last month vis--vis other power majors such as Lanco Infratech and National Thermal Power Corporation. Official sources said the government might go for re-bidding to bring down the quoted tariff, which is observed to be on the higher side. The ETF will meet on July 19 to take a final view.
Five companies, including NTPC, Reliance Power, Lanco Infratech, Jindal Power and Sterlite Energy, of the 11 pre-qualified bidders, were in the fray for the project. The financial and technical bids for the coal-based thermal power project were invited on December 29 and the final financial bids were to be opened within 15 days.
With more new listings on the bourses trading at a discount to the offer price, retail investors are no longer queuing up for initial public offering applications.
The Tilaiya project is a part of the government's showcase UMPP scheme under which a power generation capacity of around 50,000 Mw is planned to be created through 13 of such mega projects, which will come up mostly in the Twelfth Plan period.
The government is mulling a policy for developing hydro-power capacity, under which projects, possibly of 2,000-3,000 Mw each, would be drawn up and offered to private and public sector developers.
Indian companies had invested $7.34 billion.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
Tata, Adani, Lanco to be hit as Indonesia may ban export of low-grade coal
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
These firms reported a combined operating profit of Rs 26,077 crore (Rs 260.77 billion).
Top gainers from the Sensex pack are ONGC, HDFC, HUL, RIL and Cipla.
Gadkari, who handles key infrastructure-related portfolios, said there is no problem with the road sector at present and money is not an issue anymore.
Govt went against its own recommendation of Jun 20, 2007, where along with the 2 Jindal companies, it wanted 40% coal block to go to Lanco.
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