Lanco Infratech sells Rithwik Energy to Agri Gold Project

Lanco Infratech sells Rithwik Energy to Agri Gold ProjectLanco Infratech Limited, the flagship company of Hyderabad-based Lanco Group, on Wednesday notified that it has transferred the ownership, management and control of its subsidiary Rithwik Energy Systems Limited, to Vijayawada-based Agri Gold Projects Limited.

Lanco's Rithwik Energy Systems has a 6 Mw biomass-based power project in Chittoor district of Andhra Pradesh.

The company further stated that, possession of the property, operations and business of the power plant of Rithwik was handed over to Agri Gold conclusively with effect from April 1, 2009.

However, the company did not disclose the financial detail of the sale.

It should be noted that recently, Lanco Infratech Ltd has transferred the ownership and management control of Clarion Power Corporation, a subsidiary of the company, to Agri Gold Projects Ltd,

Clarion Power Corporation has a 12Mw non-conventional power project using biomass in Prakasam district.

The shares of Lanco Infratech were trading at Rs 219, up 3 per cent compared to previous close of Rs 214.