Hyderabad, Dec 24 () Griffin Coal Mine in Australia is no longer a Lanco Group company as the ICICI-led lenders took over the pledged shares as a result of default of payment, a senior official of the debt-ridden Indian infra firm said.
Lenders of Lanco Resources International Pte Limited (LRIPL), a Lanco Infratech subsidiary, which owns Griffin Coal Mine, have earlier appointed PWC as receiver and manager to look for an investor as the Aussie company defaulted payment.
“Griffin Coal is no longer our subsidiary. The total debt of the entity was close to USD 900 million. We are not showing its (Griffin Coal) results also in our financial reports. The total loss incurred by the group on account of Griffin Coal would be USD 300 million,” …
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