GVK Power and Infrastructure
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GVK Power and Infrastructure (GVKPIL) is a subsidiary of GVK, a diversified Indian company.[1] On its website GVK describes GVKPIL as the "flag-ship company of GVK" which holds "all the infrastructure assets in Power, Airport, Road, and Mining".[2]
GVK Power and Infrastructure has interests in coal-fired and hydro projects. It also has interests in coal mines in India[3] and is negotiating over the possible purchase of a major coal project from Hancock Coal in Queensland Australia.[4]
GVK's coal power station projects
On its website GVK states that it is building the Goindwal Sahib Power Plant, a 540 megawatt coal-fired power plant in Tarn Taran in Punjab. The company states that this plant will be supplied with coal from the "Tokisud and Sereghara mine blocks have mine-able reserves of 52 million tonnes and 100 million tonnes respectively." The company states that the "Tokisud Open Cast mining block, located 50 kms north-west of Ranchi City in the State of Jharkhand, is being developed into a captive coal mine."[5] Elsewhere on its website the company states that GVK Power (Goindwal Sahib) Limited is "developing a 600 MW coal based Thermal Power Plant at Goindwal Sahib, in Punjab. The Company has initialed the draft Power Purchase Agreement with Punjab State Electricity Board ("PSEB") in December 2006."[6] (It appears that the discrepancy in the power outputs may be that the initial project concept was for a 600MW project which was later trimmed to a 540MW project.)
Hancock Coal negotiations
GVK is in exclusive negotiations with the Australian company, Hancock Coal over the purchase of thermal coal projects in Queensland. Forbes reported that GVK "currently produces 900 megawatts of power. It has 3,500 megawatts under construction and development, including a 540 megawatt thermal coal-fired plant in North India."[7]
It was reported in the Economic Times in India that the deadline for exclusive negotiations with GVK had been extended from May 15 to June 15. An anonymous source close to GVK complained that the asking price had increased by 30% due to strong interest in the project. The report stated that "the initial equity component of the transaction would amount to $1.7 billion, with another $1 billion estimated to be spent when mining commences".[8]
Contact details
website: http://www.gvk.com/index.aspx
Articles and resources
References
- ↑ "About Us', GVK website, accessed May 2011.
- ↑ GVK, "Investors", GVK website, accessed May 2011.
- ↑ GVK, "Energy", GVK website, accessed May 2011.
- ↑ Naazneen Karmali, "India’s GVK Group prepares to seal Australian mining deal", Forbes, May 19 2011.
- ↑ "Thermal", GVK website, accessed May 2011.
- ↑ GVK, "Investors", GVK website, accessed May 2011.
- ↑ Naazneen Karmali, "India’s GVK Group prepares to seal Australian mining deal", Forbes, May 19 2011.
- ↑ Vinu Lal, "Hancock's jacked-up valuation turns potential deal-breaker for GVK", Economic Times, May 26, 2011.
