Type Public company Number of locations Global Headquarters India Founded 1986 | Industry Energy
Infrastructure Number of employees Over 6500 Founder Lagadapati Rajagopal | |
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Key people Lagadapati Madhusudhan
Lagadapati Rajagopal Products Natural gas
Real estate
electricity generation
distribution Stock price LITL (NSE) ₹ 3.70 +0.05 (+1.37%)10 Mar, 3:30 PM IST - Disclaimer CEO G Venkatesh Babu (24 Jun 2006–) Revenue 96.81 billion INR (2015, US$1.4 billion) Subsidiaries Lunar and Planetary Laboratory Profiles | ||
Lanco Infratech (Lagadapati Amarappa Naidu and Company Infratech) is a large Indian business 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 (IPP) in India.
Contents
Lenders plan to reorganise group entities of lanco infratech
History
Lanco was founded by a businessman Lagadapati Amarappa Naidu and his son Lagadapati Rajagopal, who was a member of 15th Lok Sabha representing Vijayawada. 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 etc. were also added.
Business
Major operational power plants
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:
Debt restructuring
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 process 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.