Lanco Infratech’s Australian subsidiary, Griffin Coal, has settled protracted litigation for a claim of Austrian dollar 3.5 billion initiated by Perdaman Chemicals against the company. The Australian coal miner has agreed to pay Perdaman a nominal amount of Austrian dollar 7.5 million and legal costs to be taxed by the Court, without admission of any of the allegations of Perdaman.
Alleging non-compliance with coal supply pact for the company's upcoming urea plant in Western Australia, Perdaman Industries filed an Austrian dollar 3.5 billion lawsuit against Lanco in Australia in 2011. This settlement was reached pursuant to the rules of Supreme Court of Western Australia, which allows for early and cost effective resolution of such claims.
