The new company - Lanco Infratech Limited - will have 14 Special Purpose Vehicles (SPV), according to the Rs. 2,200-crore Lanco Group Chairman, L. Madhusudhan Rao.
Lanco hills is one of the largest mixed developments in India, An exclusive feature will be its 90-level residential tower, the tallest in India.
Speaking to journalists from Hyderabad on Saturday after a visit to the 368 MW gas-based Lanco Kondapalli power plant near here, Mr. Rao said, PricewaterhouseCooper, Morgan Stanley and a leading legal firm were assisting the Lanco Group in restructuring its activities.The different SPV's were now taking care of the ongoing projects in power, construction, manufacturing and information technology sectors. He said the Lanco Group had so far promoted seven independent power projects, of which five - Lanco Kondapalli, Rithwik Energy Systems Limited, Clarion Power Corporation Limited, Lanco Infratech Limited, ABAN Power Company Limited - with 509 MW capacity were operational.
Two more projects - Lanco Amarkantak and Hydro Power companies - with a capacity of 2,000 MW were in the process of being established. It has acquired 74 per cent stake in Nagarjuna Power, based at Mangalore, Karnataka. He exuded confidence that by 2010, the company would have 4,500 MW capacity.
Lanco has bagged a power project at Anpara in Uttar Pradesh and was bidding for two more mega power projects of 4,000 MW capacity each at Sasan in Madhya Pradesh and Mundhra in Gujarat. "We will rope in strategic partners to bid for the ultra-mega projects," Mr. Rao said. While the Lanco Kondapalli project was now facing shortage of gas supply, the company is in talks with Reliance, British Gas Company and Gujarat Petroleum Corporation, which have reserves in the Krishna Godavari basin, to provide dedicated supply. Lanco Kondapalli has capacity to add another 740 MW. A decision on the expansion would be taken once gas supplies get firmed up.
Referring to diversification into the construction sector, Mr. Rao said an integrated township, Lanco Hills, spread across 100 acres providing space for offices, residential, retail and commercial activities was coming up in Hyderabad. "It is one of the largest mixed developments in India at over 18 million sq. ft. Another feature at Lanco Hills will be its 90-level residential tower, the tallest in India".
The Lanco Group entered the information technology business through Lanco Global Systems Limited to provide complete IT solutions.
