Mumbai: Shares of Lanco Infratech Ltd on Monday surged 18 per cent in morning trade, after its Australian subsidiary, Griffin Coal, said the protracted litigation for a claim of AUD 3.5 billion initiated by Perdaman Chemicals against it has been settled.
Cheering the news, shares of the company shot-up by 17.88 per cent to Rs 12.39 on the BSE. At NSE, the scrip jumped 18 per cent to Rs 12.40.
According to a release issued by Lanco, the Australian coal miner has agreed to pay Perdaman a nominal amount of AUD 7.5 million, plus legal costs to be taxed by the Court, without admission of any of the allegations of Perdaman.
Lanco is in a legal battle with Australia's Perdaman Industries, which filed an AUD 3.5 billion (around Rs 19,600 crore as per latest exchange rate) lawsuit against Lanco in Australia in 2011, alleging non-compliance with coal supply pact for the company's upcoming urea plant in Western Australia....
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01:26 PM, Apr 29, 2013
Hyderabad: Griffin Coal, a subsidiary of Lanco Infratech Ltd in Australia, on Monday said the protracted litigation for a claim of AUD 3.5 billion initiated by Perdaman Chemicals against it has been settled. According to a release issued by Lanco, the Australian coal miner has agreed to pay Perdaman a nominal amount of AUD 7.5 million, plus legal costs to be taxed by the Court, without admission of any of...
10:37 AM, Apr 29, 2013
Australia's Perdaman Chemicals and Fertilisers sought to widen its legal battle against Lanco Infratech over a stalled coal-to-urea project by launching a A$3.5 billion damage claim against ICICI Bank, the lender to Lanco's Griffin Coal unit. Perdaman filed its application in federal court in Perth, Australia, on January 2, the company said in an email on January 10. ...
10:19 AM, Jan 11, 2013
