Lanco Infra plans Rs 24k cr expansion by 2014

Infrastructure company Lanco Infratech on Monday said it has firmed up investment plans of Rs 24,000 crore (Rs 240 billion) for becoming a 9,300 MW company in the next four years from the current power generation capacity of 2,082 MW.

"We would add over 7,000 MW of power by 2014, our current installed capacity is 2,082 MW," J Suresh Kumar Chief Finance Officer Lanco Infratech said.

The company would require about Rs 24,000 crore (Rs 240 billion) worth of funds for augmenting the capacity of this magnitude. Lanco Infratech would add power generation capacity from all sources of energy -- coal, gas and hydro.

Our requirement is about Rs 24,000 crore (Rs 240 billion) of which Rs 19,000 crore (Rs 190 billion) is the debt component," Kumar said adding that Lanco has already tied up Rs 17,000 crore (Rs 170 billion) worth of debt and the remaining would be concluded soon.

The debt raised by the company is in the form of domestic loans from various banks and financial institutions including ICICI, HDFC, IDBI, IFCI and Rural Electrification Corporation.

Lanco Infratech posted a 68 per cent jump in its net profit for the quarter ended June 30, 2010 at Rs 194.7 crore (Rs 1.95 billion), compared to Rs 115.9 crore (Rs 1.16 billion) in the same period last fiscal.