Lanco Infratech Limited (LITL), an integrated infrastructure conglomerate with global footprints, today said that the Supreme Court of Western Australia has given its judgement in favour of Lanco and has allowed the Griffin Coal Mining Company Pty Ltd (GCMC), a subsidiary of Lanco Infratech Limited, to enter into revised coal supply agreement (CSA) with the Griffin Power entities.p
Lanco Infratech won the legal battle against the Perdaman Chemicals. "The Australian court has rejected the contention of Perdaman Chemicals and Fertilizers Pty Ltd (PCFL)," the company said in a BSE filing today.
“The revised CSA will result in a gain of approximately $150 million (Australian dollar) in net present value terms, including a substantial upfront payment to Griffin Coal Mining Company Pty Ltd," L Madhusudhan Rao, executive chairman, Lanco Infratech Limited, said.
Lanco Infratech through its Australian subsidiary, Lanco Resources Australia, had acquired Griffin Coal Mining Company and Carpenter Mine Management for AUD 720 million in February 2011. Last year Griffin produced over 3 million tonne of coal.
Griffin Power entities is currently in the process of being acquired by Japanese consortium of Sumitomo Corp and Kansai Electric Power Co.
Lanco Infratech's scrip is currently trading at Rs 13.33 on the Bombay Stock Exchange, up 6.38% over the previous close of Rs 12.53.
