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Lanco Infratech Limited

Lanco Clicks Largest Deal in Thermal Power Sector by Selling its Udupi Power Plant to Adani

Deal valued at more than Rs 6,000 crore

Aug 13, 2014   20:35 IST 
New Delhi, Delhi, India

Lanco Infratech Limited (LITL), the leading integrated infrastructure player in the country having business verticals in EPC, Power, Solar, Natural Resources and Infrastructure today announced that it has sold its Udupi Power plant to Adani Power Limited, the power business arm of Indian business conglomerate Adani Group for its 1200 MW Udupi power plant. The deal is valued at more than Rs 6000 crore.

The Lanco Udupi Power Plant has already signed with Karnataka Government for further expansion of 1320 MW.

The imported coal based thermal power plant of Lanco in Udupi, which supplies 90% of the power generated to Karnataka State and 10% to Punjab State, is the first independent power project in the country based on 100% import coal with a captive jetty of 4 million tons per annum and an external coal handling system in the new Mangalore Port Trust. The capacity can be, if required, expanded to handle another 4 million ton capacity.

For Lanco Infratech, this transaction will support the company in reducing its debt and will enable Lanco to receive about 2000 crore as cash and additionally, Adani Power will take Udupi Power's long-time debt of around Rs. 4,000 crore.

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