The Telegraph reported that GVK Power and Infrastructure Ltd hopes to complete the purchase of two coal mines in Australia by September.

Mr GVK Reddy chairman said on the sidelines of an India Infrastructure Finance Company Ltd’s function that “We will come out with the deal in a month or two.”

The mines are owned by Hancock Prospecting and GVK had been negotiating with the Australian firm since February. The GVK group has been in talks with Hancock to buy Alpha Coal and Kevin’s Corner mines. Both the mines have an estimated 7.6 billion tonnes of coal deposits.

GVK was negotiating with Standard Chartered and ICICI Bank to fund the prospective acquisition.

(Sourced form telegraphindia.com)