Indian firm GVK Power and Infrastructure has entered into a transaction to acquire a majority stake in Hancock Coal’s assets in Queensland, Australia, for $1.26bn.

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Under the transaction, GVK will acquire a 79% stake in the Alpha and Alpha West coal projects located in the Galilee basin and a 100% shareholding in Kevin’s Corner coal project, located adjacent to the Alpha coal project.

The acquisition will be made through Singapore-based GVK Coal Developers, an indirectly owned subsidiary of GVK Natural Resources.

GVK will also purchase a 100% shareholding in the proposed rail project connecting the coal projects to the port of Abbot Point and in the proposed port expansion project to export the coal.

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