GVK Power, part of the GVK Group has agreed to acquire Australia's Hancock Coal for $1.26 billion, in one of the largest overseas acquisitions by an Indian infrastructure entity. This deal includes acquiring majority holding in coal resources and railway line and port infrastructure projects of Hancock Coal.
The company will get option for long term coal supply contracts for the purchase of up to 20 million tonnes every year. This can support around 7,500 megawatts of power generating capacity.
GVK will pay the consideration in a phased manner to the Hancock Group, with $500 million upfront. About $200 million will be paid in one year from closing the deal and another $560 million on financial closure of the project, which is expected next year. The Hancock coal project consists of 7.9 billion tonnes reserves.
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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