Lanco Infratech inks agreement to sell 35 MW solar power undertaking to LPMCPL

Lanco Infratech has entered into an agreement for sale of solar power undertaking of the company through a slump sale to Lanco Property Management Company (LPMCPL), a wholly-owned subsidiary of the company. The solar power undertaking has 35 MW of solar power capacity which registered a turnover of Rs 76.99 crore and loss of Rs 11.78 crore and has a net worth of Rs 32.7 crore.

The consideration will be in the form of allotment of equity shares by LPMCPL to the company. The transaction is proposed to be completed before September 30, 2016. The sale is aimed at securitizing the cash flows and ring fence the debt servicing part of the solar power undertaking.

Lanco Infratech is the leading integrated infrastructure conglomerate with global footprints having business verticals viz. EPC, Power, Solar, Natural Resources and Infrastructure.