>GreenC bot at 16:16, 16 April 2021

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{{Use dmy dates|date=November 2019}}
{{Use Indian English|date=November 2019}}
{{short description|Indian conglomerate}}
{{Infobox company
| name = Lanco Infratech Limited – lnsolvent Company
| logo = Lanco Infratech logo.svg
| logo_size = 100px
| caption =
| type = Public company – Suspend Trading
| traded_as =
| genre = 
| fate =
| successor =
| foundation = 1986
| founder =
| defunct = 
| location_city = [[New Delhi]], India
| location =
| locations = Global
| area_served =
| key_people = [[Lagadapati Madhusudhan Rao|Lagadapati Madhusudhan]]<br />[[Lagadapati Rajagopal]]
| industry = [[Energy industry|Energy]]<br />[[Infrastructure industry|Infrastructure]]
| products = [[Natural gas]]<br />[[Real estate]]<br />[[electricity generation]] & [[Electricity distribution|distribution]]
| services =
| operating_income =
| net_income =
| aum = 
| assets =
| equity =
| owner =
| num_employees = Liquidation in process
| parent =
| divisions =
| subsid =
| homepage = {{URL|http://www.lancogroup.com}}
| footnotes =
}}

'''Lanco Infratech''' ('''L'''agadapati '''A'''marappa '''N'''aidu and '''Co'''mpany Infratech) was a large [[India]]n [[Conglomerate (company)|conglomerate]]

involved in construction, power, real estate, and several other segments.
In 2010, the group of companies was listed among the fastest growing in the world.<ref>{{cite news|url=https://www.forbes.com/global/2010/0927/fab-50-10-asian-paints-crompton-greaves-companies-to-watch.html |title=Companies To Watch |work=Forbes.com |date=2010-09-27 |accessdate=2011-03-07}}</ref> In 2011, the group became the largest private power provider in India. Lanco was one of the first [[Independent Power Producer]]s (IPP) in India.

==History==
Lanco was founded by a businessman

''Lagadapati Amarappa Naidu'' and his nephew [[Lagadapati Rajagopal]], who was a member of [[15th Lok Sabha]] representing [[Vijayawada (Lok Sabha constituency)|Vijayawada]] from Indian National Congress.
While Rajagopal remains inactive, his brother [[Lagadapati Madhusudan Rao]] is the executive chairman. Another brother [[Sridhar Lagadapati]], was involved with the company in the early years, but now heads the related entertainment business, Larsco.

Lanco grew at a tremendous pace since the early 1991s. Initial growth was driven by large contracts primarily in construction. Later, other infrastructure areas such as power generation, transportation were also added.

==Business==
* Engineering, Procurement & Construction (EPC)
* Power – Thermal, Hydro, Wind, Solar
* Natural Resources – MINES
* Infrastructure

==Major operational power plants==
* 2 X 300 MW Lanco Amarkantak Power Limited – Two units of 300 MW are already commissioned.
* 2 X 600 MW Lanco Anpara Power Limited – One unit of 600 MW commissioned in December 2011 and second unit of 600 MW was commissioned in January 2012. The power plant is located in [[Sonebhadra district]] of [[Uttar Pradesh]].
* 2 X 600 MW Udupi Power Corp. Limited – Commissioned in 2012, the power plant is located in [[Udupi district]], [[Karnataka]]. On 14 August 2014, [[Adani Power]] Ltd, controlled by billionaire entrepreneur [[Gautam Adani]], has acquired the plant in a Rs. 6,000 crore deal.<ref>{{cite news| url=http://www.btvin.com/videos/watch/8397/adani-to-buy-lanco's-udupi-plant| title= Adani To Buy Lanco's Udupi Plant| date= 14 August 2014 | publisher= [[Bloomberg TV India]]}}</ref>
* 1466 MW Lanco Kondapalli Power Limited – Gas based Combined Cycle Power Plant located at [[Kondapalli]] Industrial Development Area near [[Vijayawada]] in [[Andhra Pradesh]].
* 120 MW Lanco Tanjore Power Company Ltd – Gas based Combined Cycle Power Plant located at Karuppur village of [[Tanjore district]], situated around 260 km from [[Chennai]], Tamil Nadu.
* 20 MW Hydro Power Plants

At this stage it has another 7000+ MW under construction and 10,000+ MW under Development and is heading towards successful completion of its Vision of 15,000+ MW by 2015. Major Power Projects under construction are:
* 2 X 660 MW extension of Lanco Amarkantak Power Limited
* 2 X 660 MW Lanco Vidarbha Thermal Power Limited
* 2 X 660 MW Lanco Babandh Power Limited
* 4 X 125 MW Lanco Teesta Hydro Power Pvt Ltd – [[NHPC]] will take over this plant as of 2019.
* 2 X 76 MW Lanco Mandakini Hydro Energy Pvt Ltd
* Turnkey EPC for 100MW solar thermal project for KVK Energy in Rajasthan.
* Complete EPC for a 75 MW crystalline technology-based PhotoVoltaic solar power project in Dhule, Maharashtra, for Maharashtra State Power Generation Co Ltd [[Mahagenco]].<ref>{{cite news| url=https://www.thehindubusinessline.com/companies/lanco-solar-bags-epc-contract-for-75-mw-solar-unit-from-mahagenco/article23051849.ece/amp/| title= Lanco Solar bags EPC contract for 75-MW solar unit from MahaGenco | date= 26 May 2011 | publisher= [[Business Line]]}}</ref>

==Debt restructuring ==
In June 2013, Lanco had won a contract for setting up two 300 MW power plants in Gujarat. However, the contract was cancelled in October 2013, when the company failed to put up the 10% guarantee required in the contract.
<ref>
{{cite news
| title = Failure to provide guarantee: Lanco Infratech loses Rs 3,300-cr contract
| author = R. Yegya Narayanan
| publisher = [[The Hindu]]
| url = http://www.thehindubusinessline.com/companies/failure-to-provide-guarantee-lanco-infratech-loses-rs-3300cr-contract/article5247645.ece
| date = 18 October 2013
}}</ref>

By July 2013, the company had filed for [[debt restructuring]], citing a business slowdown.<ref>
{{cite news
| title = Lanco Infratech to restructure Rs 7,500 crore debt burden
| author = Economic Times
| author-link = The Economic Times
| publisher =
| url = http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/svs/construction/Lanco-Infratech-to-restructure-Rs-7500-crore-debt-burden/articleshow/21399504.cms
| date = 27 Jul 2013
| work=The Times Of India
}}Ailing infrastructure firm Lanco Infratech, which has a consolidated debt
burden of over Rs 46,200 crore, said it has approached the lenders for
restructuring the debt of some Rs 7,500 crore at the holding company level.</ref>
In September, it was revealed that the company had cut down its employees by nearly half.<ref>
{{cite news
| title = Lanco Group cuts down 4,000 employees due to slowdown
| author = pti
| publisher = [[Times of India]]
| url = http://timesofindia.indiatimes.com/business/india-business/Lanco-Group-cuts-down-4000-employees-due-to-slowdown/articleshow/22263309.cms
| date = 3 September 2013
}}</ref> In December 2006, the company won a large contract citing a collaboration with Singapore firm Globeleq.<ref name=sasan>{{cite web|url=http://www.business-standard.com/india/news/lanco%60s-sasan-bid-annulled/292205/ |title=Lanco's Sasan bid annulled |publisher=Business-standard.com |date=2007-07-25 |accessdate=2011-03-07}}</ref><ref>[http://www.livemint.com/2008/04/29011858/Lanco-blames-Globeleq-for-trou.html Lanco blames Globeleq for trouble over Sasan – Livemint]</ref>

In 2007, after winning the bid for the 1000 MW Anpara-C power plant, Lanco requested that the power output be re-negotiated. Some competing firms protested<ref name="Financialexpress.com"/> since the re-negotiation made the initial bidding meaningless. However, Lanco managed to retain the Anpara project.<ref name=cash>
{{cite news
| title = Newsmaker: G Venkatesh Babu : In the midst of controversy
| author = B Dasarath Reddy
| publisher = [[Business Standard]]
| url = http://www.business-standard.com/article/beyond-business/newsmaker-g-venkatesh-babu-107033001027_1.html
| date = 30 March 2007
}}</ref> Repeatedly tarnished by charges of corrupt practices<ref name=sasan/><ref name="Financialexpress.com">{{cite news|date=6 October 2007 |url=http://www.financialexpress.com/news/reliance-power-cries-foul-over-lanco-anpara-plans/225220/ |title=Reliance Power cries foul over Lanco Anpara plans |publisher=Financialexpress.com |accessdate=2011-03-07}}</ref><ref name=hindu>
{{cite news
| title = Lanco issue with Ministry of Corporate Affairs
| author = M. Ramesh
| publisher = [[The Hindu]]
| url = http://www.thehindubusinessline.com/companies/lanco-issue-with-ministry-of-corporate-affairs/article3251713.ece
| date = 27 March 2012
}}quote: Lanco has misled the Government on the question of ownership of projects and
has won several projects using an opaque ownership structure when the rule
says that a developer can secure only one project.
</ref><ref name=it>
{{cite news
| title = Congress Gets Burned by the Sun: Rajasthan govt issue fraud certificates to Cong MP for solar projects
| author = Rohit Parihar
| publisher = [[India Today]]
| url = http://indiatoday.intoday.in/story/fraud-certificates-solar-projects-lanco-group-rajagopal-lagadapati-rajasthan/1/178076.html
| date = 17 March 2012
}}
</ref><ref name=13k-cr>
{{cite news
| title = Rs 13k cr scam in national solar plan, claims CSE
| author =
| url = http://articles.timesofindia.indiatimes.com/2012-02-02/india/31016520_1_national-solar-mission-lanco-infratech-pv-projects
| archive-url = https://archive.today/20131020154641/http://articles.timesofindia.indiatimes.com/2012-02-02/india/31016520_1_national-solar-mission-lanco-infratech-pv-projects
| url-status = dead
| archive-date = 20 October 2013
| work = [[The Times of India]]
| date = 2 February 2012
}}Quote: In violation of norms laid down by the government, a single
company, Lanco Infratech has allegedly cornered 40% of the contracts bid out
for the first phase of the National Solar Mission, garnering 235 mw worth
projects with assured of Rs 13,000 crore over the next 25 years.
</ref><ref>[http://www.livemint.com/2007/10/17000537/Lanco-seeks-additional-coal-fo.html Lanco seeks additional coal for Anpara C power project in UP – Livemint]</ref> the company ran into financial trouble and has filed for Corporate [[Debt restructuring]]<ref>{{cite news| url=http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/svs/construction/Lanco-Infratech-to-restructure-Rs-7500-crore-debt-burden/articleshow/21399504.cms | work=The Times Of India | title=Lanco Infratech to restructure Rs 7,500 crore debt burden | date=2013-07-27}}</ref> in
July 2013.<ref name=tlf>{{cite web|last=Friedman |first=Thomas L. |url=http://www.deccanchronicle.com/hyderabad/lanco-infratech-insurance-scam-437 |title=Lanco Infratech in insurance scam | Deccan Chronicle | 2009-08-06 |publisher=Deccan Chronicle |date=2009-08-06 |accessdate=2011-03-07}}</ref><ref>{{cite web|url=http://www.siasat.com/english/news/lanco-insurance-scam-cm-orders-probe |title=Lanco Insurance scam, CM orders probe |publisher=Siasat |date=2009-08-28 |accessdate=2011-03-07}}</ref>

In late 2017 the company faced insolvency proceedings, with the [[National Company Law Tribunal]] suspending the board.<ref>{{cite web|url=https://www.thehindubusinessline.com/companies/griffin-coal-mine-no-longer-a-subsidiary-of-lanco/article10001626.ece |title=Griffin Coal Mine no longer a subsidiary of Lanco |publisher=The Hindi Business Line|date=2017-12-24 |accessdate=2018-04-30}}</ref><ref>{{cite web|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/seven-firms-ready-to-bid-for-lanco-infratech/articleshow/63438355.cms |title=Seven firms ready to bid for Lanco Infratech |publisher=India Times|date=2018-04-24 |accessdate=2018-04-30}}</ref>

==References==
{{Reflist}}

[[Category:Electric power companies of India]]
[[Category:Companies based in New Delhi]]
[[Category:Conglomerate companies established in 1986]]
[[Category:1986 establishments in Delhi]]
[[Category:Indian companies established in 1986]]

Lanco Infratech - Revision history

>GreenC bot at 16:16, 16 April 2021