Lanco Infratech today said it will infuse $1 billion in Australian Griffin Coal Mines to ramp up production to about 18 million tonnes by 2015 from present 5 million tonnes, 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 from present 5 million tonnes 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 Rs 80,000 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 Rs 27,000 crore.
The company's consolidated net profit grew by 53.52% to Rs 164.03 crore for the third quarter ended December 31,2010, over the same period a year ago.
The group had a consolidated net profit of Rs 106.84 crore for the same quarter last fiscal while its total income increased to Rs 1,661.45 crore for the quarter under review from Rs 1,612.76 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 Rs 38.50, down 16.76% from its previous close on the Bombay Stock Exchange.
