PwC asked to find investors for Lanco’s Australian coal mine

A group of lenders to Lanco Resources International (LRIPL), led by ICICI Bank, has entrusted PwC with the task of finding an investor, following loan default.

It is learnt that the company, which is making losses, owes Rs 6,250 crore plus accumulated interest and penalties to the lenders.

A PTI report said that the group which has been in financial doldrums for quite a few years, is also a defaulter with a consolidated net of over Rs 40,000 crore.

It quoted a senior Lanco official as saying that ICICI Bank Singapore is the leader of the lenders’ consortium which also has other domestic and overseas lenders. He also said that the lenders will have 18 months to bring in a new investor and hand over the management of the mine which means PwC will have to find a buyer investor within that time frame.

Image credit: static-news.moneycontrol.com

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