GVK Power and Infrastructure Ltd hopes to complete the purchase of two coal mines in Australia by September. The mines are owned by Hancock Prospecting, and GVK had been negotiating with the Australian firm since February.

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

But Mr Reddy could not reveal more details on the financials of the buyout deal because of a confidentiality agreement between the two groups.

The GVK group has been in talks with Hancock to buy Alpha Coal and Kevin’s Corner mines.

GVK was negotiating with Standard Chartered and ICICI Bank to fund the prospective acquisition. Both the mines have an estimated 7.6 billion tonnes of coal deposits.

(Sourced from telegraphindia.com)