International Finance Corp (IFC), the private sector arm of World Bank, will take 5.84 per cent stake in Lanco Infratech's subsidiary - Lanco Amarkantak Power Pvt Ltd - for $8 million (about Rs 32.5 crore).
IFC has signed an agreement with Lanco Amarkantak to subscribe to a stake of 5.84 per cent amounting to $8 million, Lanco Infratech informed Bombay Stock Exchange.
The total cost of the greenfield project at Korba in Chhattisgarh is expected to be Rs 2,631.8 crore (about 578 million dollars) and IFC is considering to invest up to $8 million in equity in the company, as per information available on the IFC website.
Lanco Amarkantak Power would construct and maintain a 600 MW coal-based power plant in Chhattisgarh.
Read more in The Economic Times article
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