ET cited Mr L Madhusudhan Rao Executive Chairman as saying that construction and energy conglomerate Lanco Infratech Ltd has dropped plans to bid for assets of Australia's Premier Coal.

The company had earlier said it was considering a bid for the Australian firm, owned by Wesfarmers

Mr Madhusudhan said however, Lanco is looking at foraying into power plant equipment manufacturing.

(Sourced from Economic Times)