IFC acquires 5.84% in LANCO

New Delhi, June 7 (UNI) International Finance Corporation (IFC) today signed an agreement to subscribe to 5.84 per cent equity stake in LANCO Amarkantak Power Pvt Ltd (LAPPL), amounting to 8 million dollars.

LAPPL, a special purpose vehicle promoted by LANCO group, is developing a thermal power station in Chhattisgarh comprising two coal-based units of 300 MW each. The total project estimated to cost Rs 2,600 crore is expected to be completed by 2008, a statement said.

IFC is the private sector arm of World Bank group.

UNI