PTI reported that infrastructure major GVK Group is expecting to complete in about two months land acquisition pacts for constructing the rail corridor of USD 10 billion Alpha Coal Project in Australia.

Two days ago, the Australian government gave approval to construct and operate the Alpha Coal Mine and a railway line between the mine in Galilee basin and the port at Abbot Point, near Bowen.

GVK vice chairman Mr G V Sanjay Reddy told PTI that "We have already tied up 75% for the rail corridor through MOUs and Agreements. The balance 25% will be tied up in the next one or two months.”

He added that "Then, we will write to the (Queensland) government. And the government will acquire it and give us for 99 years.”

According to Mr Reddy, the total cost estimated for construction of 495-km rail corridor will be USD 3.5 billion.

Last year, GVK had acquired 79% stake in the Alpha Coal and Alpha West projects and a 100% stake in the Kevin's Corner project in Queensland from Hancock Prospecting Pty Ltd.

The Queensland government has also selected GVK's rail corridor as the 495 km north-south corridor for connecting the Galilee Basin to the Port of Abbot Point in Australia.

Mr Reddy said that "We are already holding discussions with other coal mining companies to use the rail corridor services to the port. We do not need any investment from them. The services will be offered on reasonable commercial terms.”

Source - PTI