GVK Power To Sell Stake In Alpha Coal Project To Raise Funds
GVK Power & Infrastructure is planning to sell stake in Alpha coal project and related port and rail assets in Australia to raise funds for $10Bn cost of the projects.
According to Paul Mulder, chief executive of Hancock Coal, the Australian arm of GVK, the process is under way, with Macquarie advising on the sale of the infrastructure stake while Citi is advising on the sale of the mine stake.
GVK bought a 79% stake in the Alpha and Alpha West thermal coal projects in Queensland’s Galilee Basin and 100% of the Kevin’s Corner coal project next to Alpha and the rail and port project linking to the Abbot Point terminal for $1.26Bn last year, read this.
GVK Power And Infrastructure Limited is planning to raise R1200Cr debt for the Alaknanda hydel power project and also planning to pump additional R300Cr equity.The Alaknanda project is being built on the river Alaknanda near Srinagar town in Pauri district of Uttarakhand.
GVK had bought a majority stake in Alaknanda Hydro Power Company from Tata Power, which in turn had bought from Synergy in 2003 and changed the name of the project from Dunkan North Hydro Power Company to Alaknanda Hydro Power Corporation.
GVK Power & Infrastructure Limited is engaged in the provision of operating and maintenance services, manpower and consultancy services, and incidental services to the owners of power plants and infrastructure companies.
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Gunapati Venkata Sanjay Reddy
Krishna Ram Bhupal
Gunapathy Indira Krishna Reddy
G V Krishna Reddy
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