STOCK MARKET BSE NSE

GVK inks pact for $2 billion coal terminal project

Published: 18th October 2012 10:24 AM  |   Last Updated: 18th October 2012 10:24 AM   |  A+A-

GVK Power and Infrastructure Ltd on Wednesday signed a pact with Korea-based Samsung C&T Corporation and Australia-based Smithbridge Group Pty Ltd to set up a 60 mtpa T3 coal port terminal in North Queensland, Australia.

The proposed terminal will involve an estimated investment of $2 billion and will be part of GVK’s upcoming $10-billion Alpha Coal project in Queensland. The port is likely to be operational within 36 months after commencing construction work.

The contract was signed during the ongoing visit of Australian Prime Minister, Julia Gillard MP to India. While Samsung will provide steel and supply ship loaders, Smithbridge will undertake engineering and marine works.

“After receiving all the tier 1 approvals, this is the first major step towards finalising the construction contracts and completing the financing for the project which is well underway,” said GVK Reddy, Chairman, GVK. Just last week, GVK recieved environmental approvals for the project both at the state and the federal level.

According to the company, the other construction contracts such as mine infrastructure, wash plant and rail are expected to be announced in the next few months.

Meanwhile, GVK reiterated that the company was in the process of achieving the financial closure by third quarter of the next calendar year. “We got all our approvals last week. From this week, we are starting our financing programme and construction contracts,” said G V Sanjay Reddy, Vice-Chairman, GVK.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp