Infrastructure developer Lanco Infratech stated that it has settled the acquirement of Griffin coal mines for AUD 730 million in the biggest ever investment by any Indian firm in West Australia.

Lanco Infra Chief Financial Officer J Suresh Kumar stated, "We have finalised our acquisition of Griffin coal mines for AUD 730 million, of which upfront payment was AUD 480 million."

Lanco Infratech had declared achievement of Griffin Coal mines during December last year in order to secure fuel for its projects to enhance its power making capability to 15,000 MW by 2015 from subsisting 2,100 MW.

Mr. Kumar sated that of the resting amount, Lanco Infratech will pay around AUD 100 million by 2013, whilst the remaining money of around AUD 150 million would be paid after four years.

Western Australia-based Griffin Coal's assets comprise thermal coal mines with a manufacturing capacitance of around 5 million tonnes at the present time.

Lanco Infra has decided to augment it to approx 18 MT by the next four years.

Mr. Kumar said the company will inculcate $1 billion in the Australian asset to strengthen production to around 18 MT by 2015 and is presently focusing on incorporating Griffin with itself.

At the present time, while its power portfolio comprises an operating capability of approximately 2,100 MW, the building and EPC section of the company is carrying out various orders worth around Rs 27,000 crore.