Lanco Infratech - Globaleq Singapore consortium signs LoI for Sasan UMPP

Lanco Infratech Ltd has announced that the Globeleq Singapore - Lanco Infratech Consortium, the successful bidder of the Sasan UMPP has accepted and signed the Letter of Intent (LoI) awarded to it by PFC on December 28, 2006. The Board of Globeleq Singapore Pte Ltd ("GS") has unconditionally accepted the LoI at its board meeting held on February 12, 2007 in Singapore.

In further development Princestone Investments Ltd, the Mauritius based holding company of the Company and Jindal Steel & Power Ltd (JSPL) have acquired 100% of the equity holding of Globeleq Ltd in GS, with Princestone holding 60% and the balance 40% being held by JSPL. JSPL is a prequalified bidder for the Sasan UMPP and with this acquisition GS has become an affiliate of JSPL.

GS will retain its interest in the Sasan UMPP under the new ownership structure and going forward will execute the project with financial and technical support from JSPL, the Company and its affiliates.

Source : Equity Bulls

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