Lanco Griffin Unit Defeats Bid to Block Sale of Assets

Lanco Infratech Ltd.’s Australian coal-mining unit defeated a bid by a fertilizer maker in a A$5.8 billion ($6 billion) suit to block the sale of energy assets needed to move the miner to profitability.

Perdaman Chemicals & Fertilisers Pty, based in Western Australia, claimed that Griffin Coal Mining illegally terminated a coal-supply agreement after it was acquired by Lanco in 2011. Perdaman sued Lanco, India’s second-biggest non-state power utility, and Griffin, seeking the damages because it said the termination prevented it from getting financing for the construction of a urea plant in Western Australia.