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Lanco, Nagarjuna to develop power project

HYDERABAD: The Hyderabad-based Lanco Group has joined hands with the Nagarjuna Group for jointly developing the Nagarjuna power plant, a 1,015 MW coal-based thermal power project, at Mangalore. Lanco will have a stake of 74 per cent and the Nagarjuna Group 26 per cent in the Rs. 4,300 crore project to operate on imported coal. Lanco Group Chairman, L. Madhusudhan Rao, and Nagarjuna Group Chairman, K. S. Raju, signed an agreement to this effect on Monday. The project is expected to achieve financial closure by September.

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