Indian billionaire GV Krishna Reddy-controlled GVK Power and Infrastructure (GVKPIL) is in talks with an Australian company - Hancock Prospecting Pty, to purchase two of its coal mines. It will pay about $1.5 billion for Hancock's Alpha Coal and Kevin's Corner mines, with the balance to be paid in the next few years.
The company is planning to borrow as much as $850 million to fund the purchase of these two mines and is in talks with investors, including 3i Group Plc and Actis LLP, to help finance the acquisition.
Recently, the company reported results for the year ended March 31, 2011. The company has registered growth of 214.99% in its net profit for the year ended March 31, 2011 at Rs 68.29 crore as compared to Rs 21.68 crore for the year ended March 31, 2010. On the consolidated basis, the group’s net profit for the year has declined marginally by 0.62% at Rs 154.91 crore as compared to Rs 155.87 crore for the year ended March 31, 2010.
Company Name | CMP |
---|---|
NTPC | 356.00 |
Tata Power | 430.30 |
Power Grid Corp | 309.50 |
Adani Power | 627.65 |
Torrent Power | 1363.30 |
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