Indian power group Lanco Infratech plans to raise as much as $2bn from China for new projects, in a further sign that heavily indebted Indian companies are turning to Chinese financing to fund future expansion.
The New Delhi-based group said on Monday that it had struck a deal with China Development Bank, a state-backed entity, to raise $600m to finance the construction of two new power plants.
In exchange Lanco said it had made a commitment to buy Chinese power equipment for both projects, while CDB will help the group syndicate further loans from other Chinese banks to reach its $2bn target.
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