NEW DELHI (Reuters) - Lanco Infratech
Lanco will sell 3,000 megawatts of generating capacity assets, V. Sreenivas, chief operating officer at Lanco Group, said in a statement. The company will use the proceeds to reduce its debts of 150 billion rupees, Sreenivas said.
Lanco, which has been negotiating with its lenders to restructure its debts since last year, has been seeking to sell assets to strengthen its balance sheet and return to profitability.
Weighed down by large debts, a slowdown in the domestic economy and delays in completing new projects, many of India's private power producers are trying to sell plants to raise cash.
(Reporting by Tommy Wilkes; Editing by Subhranshu Sahu)
