Hyderabad, March 11 (PTI): Infrastructure player GVK group, developing the $10-billion Hancock coal project in Australia, today said it signed a pact with rail freight firm Aurizon to sell a 51 per cent stake in its rail and port projects.
Aurizon will acquire the stake in Hancock Coal Infrastructure Pty Ltd (HCI), which owns GVK Hancock’s rail and port projects, and would invest through upfront consideration at the completion of the transaction and deferred consideration at financial close of each phase of the projects.
Financial details of the investment were not disclosed.
GVK vice-chairman G.V. Sanjay Reddy said at full capacity, the proposed arrangement is intended to provide sufficient equity and debt funding for the projects to reach financial closure.
These projects comprise a greenfield rail project and a development right for a coal terminal at Abbot Point.