Perdeman embroils ICICI Bank in battle with Lanco

Australia's Perdaman Chemicals and Fertilisers said today it has launched a damages claim against ICICI Bank, India's second largest private lender, seeking A$3.5 billion (Rs20,185.5 crore).

This is directly connected with Perdeman's legal battle against Indian miner Lanco Infratech over its stalled urea plant located in the Western Australian town of Collie.

The company said it had filed its application in federal court in Perth on 2 January.

The dispute centres on a coal supply deal for Perdaman's proposed coal-to-urea project in Western Australia.

The company is already in the midst of a A$3.4 billion suit with Lanco.

ICICI Bank is the lender to Lanco Infratech, which took over the debt-ridden Griffin Coal in 2010 after the company collapsed into administration with up to $1 billion in debts.