Last year, GVK paid $1.26 billion to buy the coal assets and related logistics infrastructure in Australia from Hancock through group company GVK Coal Developers (Singapore).
BY OUR INTERNATIONAL DESK | SYDNEY: Infrastructure conglomerate GVK has received environmental clearance from the Queensland government in Australia for its Alpha coal and rail project.
The company has set aside $ 10 billion for the project.
The approval is crucial to the company as its Alpha Project is now the only Galilee Basin proponent with an approved Environmental Impact Statement (EIS).
The project, expected to generate 4,000 jobs at peak, is being run by Hancock Coal, in which 79% is owned by GVK and 21% by Gina Rinehart, the world’s richest woman, according to Forbes.
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