Lanco Infra to invest Rs 24,000 cr in expansion plans by 2014

Infrastructure company Lanco Infratech today said it has firmed up investment plans of Rs 24,000 crore for becoming a 9,300 MW company in the next four years from the current power generation capacity of 2,082 MW.

"We would add over 7,000 MW of power by 2014, our current installed capacity is 2,082 MW," J Suresh Kumar Chief Finance Officer Lanco Infratech told PTI.The company would require about Rs 24,000 crore worth of funds for augmenting the capacity of this magnitude. Lanco Infratech would add power generation capacity from all sources of energy -- coal, gas and hydro."Our requirement is about Rs 24,000 crore of which Rs 19,000 crore is the debt component," Kumar said adding that Lanco has already tied up Rs 17,000 crore worth of debt and the remaining would be concluded soon.The debt raised by the company is in the form of domestic loans from various banks and financial institutions including ICICI, HDFC, IDBI, IFCI and Rural Electrification Corporation.Lanco Infratech today posted a 68 per cent jump in its net profit for the quarter ended June 30, 2010 at Rs 194.7 crore, compared to Rs 115.9 crore in the same period last fiscal.