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Lanco Infra drops bid plan for Premier Coal; shares dive

Lanco Infra drops bid plan for Premier Coal; shares dive
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First Published: Wed, Jun 15 2011. 02 13 PM IST
Updated: Wed, Jun 15 2011. 02 13 PM IST
New Delhi: Indian construction and energy conglomerate Lanco Infratech Ltd has dropped plans to bid for assets of Australia’s Premier Coal, executive chairman L. Madhusudhan Rao said on Wednesday, sending the firm’s shares tumbling.
The company had earlier said it was considering a bid for the Australian firm, owned by coal-to-retail conglomerate Wesfarmers .
However, Lanco is looking at foraying into power plant equipment manufacturing, Madhusudhan told reporters.
Lanco shares hit their lowest level since May 2009 falling to Rs30.40 in a weak Mumbai market.
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First Published: Wed, Jun 15 2011. 02 13 PM IST