Lanco looking for another Australian coal asset

Following the acquisition of Griffin Coal Mines in Australia, infrastructure major Lanco Infratech is joining a race for another coal asset in the country – Premier Coal, which is expected to cost over $450 million.

A senior official of the company said the proposal was still under evaluation and would take some time for the company to decide.

Other companies said to be in the fray are Reliance Power and another Hyderabad-based infrastructure company GVK Power.

Meanwhile, Lanco's bottomline for the last fiscal, the results of which were announced on Monday, took a hit due to the ''elimination factor'' as per the Indian accounting standards.

The company had posted an 18 per cent rise in operating revenues at Rs11,265.2 crore and a 55 per cent growth in profit after tax but before adjustments at Rs862.8 crore for the year ended March 2011.

However, with the elimination as per Accounting Standard 23, the net profit came down to Rs446.1 crore from Rs458.6 crore in the previous year.