Get Mail on new products

India's GVK buys stake

Posted on 2011-09-20
Indian infrastructure giant GVK said it will pay $1.26bn (£802m) to buy a majority stake in coal assets owned by Australia's Hancock Group.
GVK will take a 79% stake in two mines and own a third, as well as a port and rail project, the company said in a statement.
The deal comes after months of negotiations that began in February.
Indian energy firms have been snapping up coal assets in other countries to supply their power plants.
Last year, Adani Enterprise bought coal assets from Australia's Linc Energy for $2.7bn.
India's high-profile conglomerates such as Tata and Reliance have also made purchases to supply coal to their power plants in recent years.