Partners GVK Power of India and Hancock Coal of Australia have signed a preliminary deal with a local firm to provide third-party rail hauling services for undeveloped coal projects in Australia's Queensland state, boosting the prospects of their own proposed mine.
Sovereign wealth fund Government of Singapore Investment Corp (GIC) has begun talks with India's GVK Group to buy a stake in one of its units that owns Australia's Hancock Coal, the Financial Express newspaper reported.
GVK Group, which has announced to acquire assets of Hancock Coal in Australia for USD 1.26 billion, is likely to invest additional USD 6 billion in the first phase of development, a senior company official said.
GVK Power acquired a major coal resource and infrastructure development project, Hancock Coal in Australia. Valued at USD 1.26 billion, it is one of the largest overseas acquisitions made by an Indian infrastructure company.