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Saturday, June 25, 2011

CORPORATE NEWS: Lanco faces A $3.5 b lawsuit in Australia!

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PTI / The Hindu / NEW DELHI, June 24, 2011.

Multinational Perdaman Industries has dragged Lanco Infratech to court in Australia seeking a Australian $3.5 billion (about Rs.16,600 crore) compensation for not complying with the coal supply pact.
For its upcoming urea plant, Perdaman had entered into a 25-year coal supply pact with Griffin Coal, which was acquired by diversified group Lanco for A $730 million in March.
According to Australia-based Perdaman — which is now focussed on urea production — Lanco is not complying with the coal supply agreement, worth billions of American dollars.
As per the contract with Griffin, about 89 million tonnes of coal is to be supplied to the Perdaman's upcoming Collie urea project in Western Australia over 25 years. “We have filed a lawsuit against Lanco Infratech seeking a minimum compensation of about A $3.5 billion in the Supreme Court of Western Australia,” Perdaman Chemicals and Fertilisers Chairman and Managing Director Vikas Rambal told PTI.
Lanco Infratech officials were not available for comments. Perdaman Chemicals and Fertilisers, whose parent company is Perdaman Industries, has filed the lawsuit against Lanco.

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