Lanco Infra buys Australian coal mining co, scrip up by 3%
Lanco Infratech today said its Australian subsidiary, Lanco Resources Australia, has agreed to acquire Griffin Coal Mining Company and Carpenter Mine Management for an undisclosed amount. Black treasurebusiness Updated: Dec 15, 2010 22:59 IST
Lanco Infratech on Wednesday said its Australian subsidiary, Lanco Resources Australia, has agreed to acquire Griffin Coal Mining Company and Carpenter Mine Management for an undisclosed amount. Black treasure
Hyderabad-based Lanco Infratech through its step down Australian subsidiary has concluded the binding agreement to buy 100% shares of Griffin Coal Mining Company and Carpenter Mine Management, Lanco Infratech said in a filing to the Bombay Stock Exchange.
Griffin Coal owns the largest operational thermal coal mines in Western Australia. The mine, at present, produces over 4 mtpa (millon tonnes per annum) of coal, which can be ramped up to over 15 mtpa in the near term, post development of evacuation infrastructure, the filing added.
"It is a strategic acquisition for us and will add to power development. Presently, the mine produces 5 million tonnes of coal per annum out of which 1 million is exported to countries like China and India.
We intend to utilise the coal for domestic requirement and will be exporting the surplus quantity in due course. We plan to take our power generation capacity to 15,000 MW by 2015 from existing 2100 MW," CFO Lanco Infratech Suresh Kumar said.
Shares of Lanco Infratech were trading at Rs 62.90 on BSE, up by 3.11% from the previous close.