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ICICI Sued by Perdaman Over Australian Fertilizer Plant
Jan. 11, 2013
Perdaman Chemicals & Fertilisers Pty, which is developing a fertilizer plant in Australia, sued ICICI Bank Ltd., claiming the Indian bank restrained Griffin Coal Mining Co. from supplying coal to the project.
“ICICI used unfair tactics and acted in bad faith,” Perdaman said in its lawsuit filed Jan. 3 with the federal court in Western Australia. Lanco Infratech Ltd. (LANCI), an Indian power producer, acquired Perth-based Griffin Coal in 2011 using financing from ICICI.
Perdaman had sued Lanco and Griffin claiming a coal-supply agreement was illegally terminated after Lanco acquired Griffin. Perdaman had said then the termination prevented it from getting financing for the construction of the urea fertilizer plant. The present value of the plant is at least $3.39 billion, Perdaman said in its lawsuit.
ICICI, based in Mumbai, declined to comment on the case. The Indian lender has no contractual relationship with Perdaman, Lanco said in an e-mailed statement.
The case is Perdaman Chemicals & Fertilisers Pty v ICICI Bank Ltd. (ICICIBC) WAD1/2013. Federal Court of Australia (Perth).
Source: Bloomberg
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