In an attempt to ensure that the recently-won ultra mega power project (UMPP) at Sasan in Madhya Pradesh does not slip out of its hands,  Lanco Infratech has joined hands with Jindal Steel and Power Ltd (JSPL). As part of the deal, Lanco's holding company, Princestone Investments Ltd, acquired 60 per cent of Bermuda-based Globeleq Ltd's holding in Globeleq Singapore, with the remaining being taken up by Jindal Steel.

In December 2006 the consortium of Globeleq Singapore Pte Ltd and Lanco emerged as successful bidders for the 4,000 MW Sasan ultra mega power project in the central state of Madhya Pradesh amidst stiff competition from various other industry majors. However, Globeleq subsequently decided to sell its assets worldwide including in Latin America, Asia and Africa. With this announcement, the Sasan project's future too was uncertain.

Also See:

Tata Power, Lanco get LoIs for UMPPs (28-Dec-06)

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