This content is from: Innovation

GVK Power To Acquire $2.2B Hancock Mines

GVK Power & Infrastructure will pay $2.2 billion for two Australian coal mines owned by Hancock Prospecting.

GVK Power & Infrastructure will pay $2.2 billion for two Australian coal mines owned by Hancock Prospecting, Economic Times reports. As part of the deal, the company will pay $1.3 billion for the Alpha Coal and Kevin’s Corner mines.

The company will pay $900 million to develop logistics infrastructure to carry the coal to the port. The transaction will be supported by ICICI Bank, Standard Chartered Bank and Axis Bank. GVK took advice from Ernst & Young on the deal.

Click here for the story from Economic Times.

Related Content