Lanco Infratech was a large Indian conglomerate involved in construction, power, real estate, and several other segments. In 2010, the group of companies was listed among the fastest growing in the world. In 2011, the group became the largest private power provider in India. Lanco was one of the first Independent Power Producers in India.
History
Lanco was founded by a businessman Lagadapati Amarappa Naidu and his nephew Lagadapati Rajagopal, who was a member of 15th Lok Sabha representing Vijayawada from Indian National Congress. While Rajagopal remains inactive, his brother Lagadapati Madhusudan Rao is the executive chairman. Another brother Sridhar Lagadapati, was involved with the company in the early years, but now heads the related entertainment business, Larsco. Lanco grew at a tremendous pace since the early 1991s. Initial growth was driven by large contracts primarily in construction. Later, other infrastructure areas such as power generation, transportation were also added.
Business
Engineering, Procurement & Construction
Power - Thermal, Hydro, Wind, Solar
Natural Resources - MINES
Infrastructure
Major operational power plants
2 X 300 MW Lanco Amarkantak Power Limited - Two units of 300 MW are already commissioned.
2 X 600 MW Udupi Power Corp. Limited - Commissioned in 2012, the power plant is located in Udupi district, Karnataka. On 14 August 2014, Adani Power Ltd, controlled by billionaire entrepreneur Gautam Adani, has acquired the plant in a Rs. 6,000 crore deal.
At this stage it has another 7000+ MW under construction and 10,000+ MW under Development and is heading towards successful completion of its Vision of 15,000+ MW by 2015. Major Power Projects under construction are:
2 X 660 MW extension of Lanco Amarkantak Power Limited
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. By July 2013, the company had filed for debt restructuring, citing a business slowdown. In September, it was revealed that the company had cut down its employees by nearly half. In December 2006, the company won a large contract citing a collaboration with Singapore firm Globeleq. 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 since the re-negotiation made the initial bidding meaningless. However, Lanco managed to retain the Anpara project. Repeatedly tarnished by charges of corrupt practices the company ran into financial trouble and has filed for Corporate Debt restructuring in July 2013. In late 2017 the company faced insolvency proceedings, with the National Company Law Tribunal suspending the board.
