GVK Group's stranded coal assets in Australia

Last Modified: Sat Jun 10 2017 17:19:22 GMT+0530 (India Standard Time)
  • $1.26 billion
    Amount to be paid by the GVK Coal (part of the GVK Group) in 2011 for Hancock Coal's thermal coal assets in Queensland's Galilee Basin.
  • 3 years
    Duration over which the payment was to be staggered.
  • $700 million
    Paid by GVK Coal so far, mostly through borrowing from Indian banks.
  • $560 million
    Last tranche to be paid in Sep 2014 (originally to be paid in 2012), which to this date has not been paid for - reason why the project has not reached 'financial close' and has not been able to go into production.
  • $10 billion
    Total investment requirement in order to set up up a 500 km rail line and upto 80 mtpa port as part of the 'pit-to-port' logistics solution.
  • Jun 2017
    GVK Coal lenders have not yet exercised the option for loan repayment even thought the asset has been stranded since 2014. Some of the lenders appear to have classified the loan as Non Performing Asset, however.