Hyderabad-based GVK Group, through its group companies, has entered into acquisition agreements with the Australia-based Hancock Prospecting and its affiliated entity, Hancock Group. GVK will buy a 79 per cent stake in Alpha and Alpha West coal projects and a 100 per cent stake in Kevin's Corner coal project located in the coal-rich Galilee Basin of Queensland. The company will also acquire control of rail and port projects to ease the movement of coal to the Abbot Point terminal. The acquisition will cost GVK $1.26 billion, which it will pay in three tranches. The deal will enable GVK to enter into a long-term purchase contract for shipment of up to 20 million tonnes of coal per annum for securing long-term fuel supplies for its subsidiary, GVK Energy Limited.
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