Lanco to add 3,793 MW in four years

Kolkata, Nov 3 (UNI) Lanco Infratech Limited, the Hyderabad-based infrastructure development company, engaged in power generation, construction and property development, has targeted to increase its power generation capacity to 3,793 MW by 2010 with the implementation of various projects.

Company officials said here today that Lanco along with its subsidiaries was currently operating 518 MW of power plants.

It was looking for an additional 3275 MW with a mix of both coal and hydro from the ongoing projects in Chhattisgarh, Karnataka, Uttar Pradesh, Sikkim and Himachal Pradesh.

" While the company has been active in Southern India, in recent years it is purusuing the development of seven projects through the subsidiaries in various states, " they said.

The projects currently under implementation were a 600 MW coal -based power plant in Chhattisgarh, a 1015 MW imported coal power plant in Mangalore, Karnataka, a 1,000 MW pithead coal power plant in Anpara, Uttar Pradesh, a 500 MW hydro power plant in Sikkim, a 70 MW hydro power plant in Himachal Pradesh, four small hydro power units with a total 20 MW generation in Himachal Pradesh and a 70 MW hydro power plant in Uttar Pradesh.

To part finance the projects, the company entered the capital market with an Initial Public Offering of 44,472,381 equity shares of Rs ten each with a price band between Rs 200 and Rs 240 per equity share.

The issue proceeds would also subscribe to the equity of the Nagarjuna power project in Udupi district in Karnatka, payment for acquistion of 13.3 per cent equity stake in Aban Power and payments to Globeleq for acquisition of its 25.1 per cent equity stake in Lanco Kondapalli.

The issue will be open for subscription between November six and ten.

UNI KDG SJC DB1649