Payments crunch pushes Indian power producers to brink of default

Soon after succeeding his brother at the helm of Indian construction group Lanco, L Madhusudhan Rao spotted an opportunity that looked too good to miss. India’s 2003 Electricity Act was a landmark in the liberalising reform drive that began a decade before, turbocharging the coal-fired power sector by abolishing a burdensome licensing regime. Mr Rao’s Lanco […]