Lanco Infratech, an integrated infrastructure conglomerate with a global footprint, on Monday said the supreme court of Western Australia had given its judgement in favour of Lanco, and had allowed Griffin Coal Mining Company Pty (GCMC), its subsidiary, to enter into a revised coal supply agreement (CSA) with the Griffin Power entities.
With this, Lanco Infra has won part of the legal battle against Perdaman Chemicals. "The Australian court has rejected the contention of Perdaman Chemicals and Fertilizers Pty Ltd," the company said in a BSE filing on Monday.
“The revised CSA will result in a gain of approximately $150 million (Australian dollar) in net present value terms, including a substantial upfront payment to Griffin Coal Mining Company Pty Ltd," L Madhusudhan Rao, executive chairman, Lanco Infra, said.
Lanco Infra, through its Australian subsidiary, Lanco Resources Australia, had acquired Griffin Coal Mining Company and Carpenter Mine Management for $720 million (Australian dollar) in February 2011.
Last year, Griffin produced over three million tonnes of coal.
Griffin Power entities is currently in the process of being acquired by the Japanese consortium of Sumitomo Corp and Kansai Electric Power Co.
Lanco Infratech's scrip is currently trading at Rs 13.33 on the Bombay Stock Exchange, up 6.38 per cent over the previous close of Rs 12.53.