Lanco to form holding company for power business

Lanco to form holding company for power business
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First Published: Tue, May 20 2008. 03 35 PM IST
Updated: Tue, May 20 2008. 03 35 PM IST
PTI
Mumbai : Lanco Infratech today said it is in the process of forming a holding company to bring all its power projects under one roof.
“We have appointed PricewaterhouseCoopers for restructuring the power business. They are working on that. A report from them is expected in a month,” Lanco Infratech’s Managing Director Venkatesh Babu told PTI.
Babu said that the move would also reap financial and operational benefits for the Hyderabad-based firm.
Lanco Infratech has around a 600-MW portfolio now, which according to Babu would double in the current year. The company has an ambitious target of generating 13,000 MW power by 2013.
“We have already received financial closure for 6,000 MW,” Babu said.
Asked whether the holding company would be listed in the domestic bourses, Babu said that could wait since the company has enough funds to carry out the projects for the next one and a half years.
“Following that, we may look at listing the firm, but that is not going to happen before the first or second quarter of the next fiscal,” Babu said.
Lanco’s power projects at different parts of the country encompasses conventional as well as non-conventional sources of energy such as gas, coal, biomass, hydro and wind.
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First Published: Tue, May 20 2008. 03 35 PM IST