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Lanco to infuse $1bn in Australian mine to augment output

Lanco to infuse $1bn in Australian mine to augment output
PTI
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First Published: Tue, Feb 08 2011. 07 52 PM IST
Updated: Tue, Feb 08 2011. 07 52 PM IST
New Delhi: Lanco Infra on Tuesday said it will infuse $1billion in Australian Griffin Coal Mines to ramp up production to about 18 MT by 2015 from present 5 MT, even though is not eying large acquisitions at this time.
“We need to consolidate our big-ticket projects. Right now our focus is on Griffin, how best to integrate it. We plant to take production capacity from the mines to 17-18 million tonnes (MT) from present 5 MT in the next four years,” Lanco Infra chief financial officer J Suresh Kumar told PTI.
Kumar said though the company was eying on acquiring overseas assets, it was not looking at any large acquisition.
“We are exploring various properties in Australia, Indonesia and Africa, but will not be able to do a large acquisition at this point of time after Griffin,” he said without naming Hancock.
Earlier media reports had said that Lanco, Essar Group and GVK Power were separately bidding for Australian mining company Hancock’s two coal mines.
The infrastructure developer had announced acquiring Griffin Coal mines in December 2010 to secure fuel for its projects to take power generation capacity to 15,000 MW by 2015 from existing 2,100 MW.
“We plan to augment our power generation capacity to 15,000 MW by 2015 at an investment of Rs80,000 crore,” Kumar said.
At present, while its power portfolio includes an operating capacity of about 2,100 MW, the construction and EPC division of the company is executing various orders worth about Rs27,000 crore.
The company’s consolidated net profit grew by 53.52% to Rs164.03 crore for the third quarter ended 31 December,2010, over the same period a year ago.
The group had a consolidated net profit of Rs106.84 crore for the same quarter last fiscal while its total income increased to Rs1,661.45 crore for the quarter under review from Rs1,612.76 crore for the same period previous fiscal.
Lanco operates across a chain of strategic business units (SBUs) comprising power, EPC, construction, renewables, resources and non-power infrastructure.
The company share closed at Rs38.50, down 16.76% from its previous close on BSE.
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First Published: Tue, Feb 08 2011. 07 52 PM IST