Date:16/09/11,
M&A,
Cross Border Deal,
GVK Power and Infrastructure Ltd, a part of the GVK Group, acquires undisclosed stake in Australia's Hancock Coal for $1.26 billion. Ernst & Young acted as the financial advisor to GVK for the acquisition. Amarchand & Mangaldas & Suresh A. Shroff & Co were the legal advisors, while Minter Ellison Lawyers were Australian legal advisors to GVK.
Hancock Group chairman Georgina Hope Rinehart, one of Australia's richest women, will join the board of GVK Power as a non-executive director
GVK estimates a total investment of $10 billion in the first phase of developing the mines, rail line and port. However, it did not disclose details on funding arrangements for this investment.
The transaction was done by GVK Coal Developers (Singapore) Pte Limited (GVKCDPL), a step down subsidiary of GVK Natural Resources. Initially, GVK Natural Resources will hold 90% and GVK Power will hold the remaining 10%. GVK Power has the option to increase its stake up to 49%, subject to necessary approvals from the Foreign Investment Review Board (Australia).
GVK entities have agreed to acquire a shareholding up to 79% in Alpha Corner and Alpha West Coal Projects, located in the Galilee Basin in Queensland, wherein the Hancock Group will retain the remainder of the shareholding.
GVK firms would acquire a 100% shareholding in the Kevin's Corner Coal Project, located immediately adjacent to Alpha. Further, the entities of GVK group will also acquire a 100% shareholding in the rail and port project connecting the above coal projects to the port of Abbot Point and Abbot Point T3 expansion project, whilst retaining some tonnage capacity for the Hancock Group.
The transaction was done by GVK Coal Developers (Singapore) Pte Limited (GVKCDPL), a step down subsidiary of GVK Natural Resources. Initially, GVK Natural Resources will hold 90% and GVK Power will hold the remaining 10%. GVK Power has the option to increase its stake up to 49%, subject to necessary approvals from the Foreign Investment Review Board (Australia).
GVK entities have agreed to acquire a shareholding up to 79% in Alpha Corner and Alpha West Coal Projects, located in the Galilee Basin in Queensland, wherein the Hancock Group will retain the remainder of the shareholding.
GVK firms would acquire a 100% shareholding in the Kevin's Corner Coal Project, located immediately adjacent to Alpha. Further, the entities of GVK group will also acquire a 100% shareholding in the rail and port project connecting the above coal projects to the port of Abbot Point and Abbot Point T3 expansion project, whilst retaining some tonnage capacity for the Hancock Group.
No comments:
Post a Comment