Lanco may explore out of court settlement with Perdaman

Lanco Infratech is exploring out-of-court settlement with Australia-based Perdaman Chemicals and Fertilisers, reports CNBC-TV18 quoting sources. It is learnt that Lanco may seek to settle suit before July 2013.

Perdaman last year had filed a AUD 3.5 billion lawsuit against Lanco in Australia, alleging non-compliance with fuel supply pact by Griffin Coal for its upcoming urea plant in Western Australia. Lanco had acquired Griffin Coal for about AUD 730 million in 2011.

A syndicate of lenders led by ICICI Bank financed the acquisition.

Lanco Infratech jumped 2.2% at Rs 12.72 on the BSE.

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