Lanco Infra up 11% after litigation with Perdaman ends

Lanco Infratech 's shares surged 11 percent on Monday after the company said the protracted litigation for a claim of AUD 3.5 billion initiated by Perdaman Chemicals against Griffin Coal (a subsidiary of Lanco), Lanco Group and its Officers, in the Supreme Court of Western Australia has ended.

"Lanco has agreed to pay Perdaman a nominal amount of AUD 7.5 million plus legal costs to be taxed by the Court, without admission of any of the allegations of Perdaman," the release said.

"The purpose behind making this nominal offer was to put an end to this litigation now and move forward with our mine expansion plans," Lanco said.

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Nagaprasad Kandimalla, CEO - Business Development at Lanco Infra said Lanco has always maintained that Perdaman's action was baseless and without any merit.

"The company will reinforce its focus on its business and mining operations in Western Australia, including the proposed expansion of the Collie mine and the enhancement of the export facilities at the Bunbury port," he said.
 
At 09:41 hours IST, the stock was quoting at Rs 11.65, up 10.85 percent amid large volumes on Bombay Stock Exchange.