Lanco Infratech, through its Australian subsidiary, acquired Griffin Coal Mining Company and Carpenter Mine Management for A$740 million in March 2011.
Though the transfer of shares was to have legal title on the shares to the lenders, the beneficial interest continued to be with with the company, as part of “perfection” of security under the Singapore laws, Lanco had earlier said.
The sale process of Griffin Coal in 2011 was overseen by Kodramentha – administrator of Carpenter Mine. The Australian mine is continuously making cash losses ever since its acquisition.
Production at the mine during financial year 2016-17 was 2.50 million tonnes with sales of 2.45 million tonnes. Production was less than optimal as the fall in internatio…
Read the full article at: https://www.bloombergquint.com/insolvency/2017/12/24/griffin-coal-mine-no-longer-a-subsidiary-of-lanco
