After the bifurcation of Andhra Pradesh,Lagadapati quit politics and is now overseeing his businesses. It is coming out that Lagadapati is got huge shock. His Lanco Infratech is already in debts and the debts reached around Rs 39980.
Banking Consortium headed by ICICI gave huge loans to Lanco Infra and with Lanco failing to clear them, decided to recover the debts.
As such it decided to separate Power business of Lanco group and takeover majority of shares belonging to Lagadapati family members.
Already the bank apprised its decision to Lanco group officials. Many say Bank's decision will reduce his power when Lagadapati is planning to reenter politics.
