GVK in talks to fund Hancock mines buy
MUMBAI (Reuters) GVK Power and Infrastructure is in advanced talks with Standard Chartered Canada Goose sale and ICICI Bank to fund its possible acquisition of two Australian coal mines owned by Hancock Prospecting, two canada goose coats on sale sources with direct knowledge said.
GVK Power will Canada Goose Jackets have to pay about Canada Goose Parka $1.3 billion to canada goose uk outlet seal the deal linked website black friday canada goose https://www.canadagoosejacketsalesca.co.uk and it will have to arrange $6 billion to $7 billion over a period cheap Canada Goose of five to six years in working capital and other investments, the sources told Reuters on Thursday.
GVK, which is in exclusive discussions with Hancock for the Alpha Canada Goose online Coal and Kevin Corner mines, is talking to Standard Chartered and ICICI, India No. 2 lender, to raise Canada Goose Coats On Sale the initial investment of $1.3 billion, the sources said.
deal is canada goose clearance not cheap for a Canada Goose Outlet company like GVK. Even the initial amount that canada goose uk shop GVK will have to pay is more than the market capitalisation of the company, but they are very serious about it this time, said one of the sources.
GVK Power uk canada goose outlet could use a mix of equity and debt to canada goose black friday sale raise the additional $6 billion to $7 billion, the source said.
Shares in GVK, valued at about $1 billion, rose as much as 4.4 percent on Thursday to their highest level in two months. The stock ended up 2.9 percent at 30.10 rupees in the main Mumbai market that closed 0.1 percent lower.
have signed a non disclosure agreement and we are bound by the agreement not to speak on this, a spokesman for GVK Power and Infrastructure told Reuters.
A spokesman for Standard Chartered in Mumbai declined to buy canada goose jacket cheap comment. An ICICI Bank spokesman said canada goose factory sale the bank did not canada goose comment canadian goose jacket on client specific transactions. Officials at Hancock Prospecting in Australia could not be reached.
Indian firms are eyeing coal assets overseas to supply power plants in India, looking to benefit from the energy hungry nation aim to halve its nearly Canada Goose Online 14 percent peak hour power deficit within two years.
India holds 10 percent of the world coal cheap canada goose uk reserves, but a shortfall canada goose clearance sale in local supplies has grown rapidly with the increase in coal fired power plants. The country is estimated to have imported buy canada goose jacket 137 million tonnes in the fiscal year that ended in March.
COAL HUNT NTPC Ltd, the country top power utility, is reviewing several proposals to buy coal mines in uk canada goose Australia, Indonesia, South Africa and Mozambique, its Chairman Arup Roy Choudhury told reporters on Wednesday.
Demand for coal in India in the fiscal year 2021/22 is projected at 1,353 million tonnes against projected output of 1,084 million tonnes, leaving a shortfall of 269 million tonnes.
GVK and Hancock last week signed an agreement to negotiate exclusively until mid May for the purchase of the mines, according to a report in The Australian newspaper on Thursday.
Energy firms in India have been raising funds canada goose uk black friday for potential overseas acquisitions and expanding facilities.
3i India Infrastructure Fund, managed by UK private equity firm 3i Group, invested about $180 million in the energy unit of GVK in November last year to fund the canada goose store expansion of output capacity.
Announced M in Asia ex Japan rose 9.7 percent in the first three months of 2011 to $129.1 billion, according to Thomson Reuters data.
That makes it the busiest start to a year since the first quarter of 2008 when deals worth $133.4 billion were announced.
China accounted for about a fifth of the total M volume, followed by canada goose coats Australia and India. The three countries cornered 45 percent of the deals in the first quarter.
