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| Industry |
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|---|---|
| Founded | 2006 |
| Defunct | 2017 [1] |
| Headquarters | Hyderabad, India |
Key people | |
| Products | |
Lanco Infratech (Lagadapati Amarappa Naidu and Company Infratech) was a large Indian conglomerate that became insolvent in 2017. [1] [2] It was involved in construction, power, real estate, and several other segments. One of the first Independent Power Producers (IPP) in India, in 2011 it became the largest private power provider in India.[ citation needed ]
Lanco was founded by Lagadapati Amarappa Naidu and his nephew Lagadapati Rajagopal, who was a member of 15th Lok Sabha representing Vijayawada from Indian National Congress. Lanco Infratech was created in 2006 to consolidate the 1960-founded Lanco Group's diverse operations under one brand. [2] Initial growth was driven by large contracts primarily in construction. Later, other infrastructure areas such as power generation, transportation were also added. In 2017 the company became insolvent. [3]
Major Power Projects under construction were:
In 2012, Lanco Infratech obtained around 100-acre (0.40 km2) of land through bidding by the Andhra Pradesh government at ₹ 4.27 crore per acre for its ₹ 5,500 crore township project in Manikonda in Western Hyderabad. [6]
In December 2006, the company won a large contract citing collaboration with Singapore firm Globeleq. [7] [8] 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 [9] since the re-negotiation made the initial bidding meaningless. However, Lanco managed to retain the Anpara project. [10]
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. [11] By July 2013, the company had filed for debt restructuring, citing a business slowdown. [12] In September,[ when? ] it was revealed that the company had reduced its workforce by nearly half. [13]
Repeatedly tarnished by charges of corrupt practices [7] [9] [14] [15] [16] [17] the company ran into financial trouble and filed for corporate debt restructuring [18] in July 2013. [19] [20] In late 2017 the company faced insolvency proceedings, with the National Company Law Tribunal suspending the board. [21] [22]
In August 2018, Hyderabad bench of National Company Law Tribunal (NCLT) ordered the liquidation of Lanco Infratech. [23] [24] [25] [26]
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{{cite news}}: CS1 maint: unfit URL (link)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.
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.