ICICI Bank Ltd.

Australia's Perdaman Chemicals and Fertilisers, widening its Australian $3.5 billion legal battle over its stalled coal-based fertiliser project in Collie, have launched a Federal Court damages claim against ICICI Bank.

ICICI Bank is the lender to Griffin Coal, which is in turn owned by Lanco Infratech and which reneged in 2011 on a 25-year deal to supply coal to Perdaman's planned coal to urea project. Lanco had sought higher coal prices to help offset losses at Griffin, which it bought from the wreckage of Ric Stowe's debt-laden empire for $750 million in 2010.

In a suit filed in the Federal Court, Perdaman, which is running a separate similar action against Lanco, claims that ICICI deliberately 'engaged in interference' in the financing of its fertiliser project as part of Lanco's push for higher prices. This, according to Perdaman was also part of ICICI's attempt to gain secured creditor status above the rights of Perdaman.