Manoj Agarwal is the chief operating officer of Lanco Infratech, a privately owned Indian-headquartered power generation and infrastructure company.
In March 2011 Lanco bought the Griffin Coal Mining Co. Pty Ltd’s coal mines in Western Australia for A$750 million. A year later company's chief operating officer, Manoj Agarwal, stated that while the company had anticipated the effects of the mineral resources rent tax and the carbon tax "we have had two hits, one is inflation, the other is the Australian dollar. This is something we feel we should have done a little more analysis on this issue. Australia has now become a very high-cost country."
Agarwal also stated that the impact of the "But the example we face is Australia. Australia brought in two taxes, one is the Minerals Resource Rent Tax, the other is the carbon tax. If you look at it, these suddenly skew your profits, but I wouldn't say they are [major] impediments. They are not as bad as they are made to sound. Once you go into the detail you see there is a tax, but it is [being said] that they will make this country unattractive. I do not share that view, I just think some profit skews will happen."
Articles and Resources
- Ben Doherty, "Strong dollar caught Griffin investor off guard", Sydney Morning Herald, May 8, 2012.
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