Buying up Australia

[Hafizzz]

India's GVK buys stake in Australian mines for $1.26bn
BBC News - India's GVK buys stake in Australian mines for $1.26bn

Indian infrastructure giant GVK said it will pay $1.26bn (£802m) to buy a majority stake in coal assets owned by Australia's Hancock Group.

GVK will take a 79% stake in two mines and own a third, as well as a port and rail project, the company said in a statement.

The deal comes after months of negotiations that began in February.

Indian energy firms have been snapping up coal assets in other countries to supply their power plants.
'In-house supply'

Hyderabad-based GVK, controlled by Indian billionaire GV Krishna Reddy, owns airports, power plants and other infrastructure projects in India.

It said it will take a 79% stake in the Alpha and Alpha West coal mines in the Galilee Basin in Queensland, Australia.

The company will also have full ownership of Kevin's Corner coal mine and the rail and port project connecting the three mines.

Production is due to start in 2014 and is expected to bring in more than 30 million tons per year of thermal coal, according to GVK.

"This acquisition builds strong resource business for GVK," said Mr Reddy in a statement emailed to AFP news agency.

"We will now be able to increase the capacity of our coal power business with an assured in-house supply of raw material."

The company said that at full production the mines are expected to produce about 84 million tons per year.

India depends on coal for its power generation needs. Insufficient supplies at home have lead many companies to look to Africa, Indonesia and Australia for the necessary fuel.

Last year, Adani Enterprise bought coal assets from Australia's Linc Energy for $2.7bn.

India's high-profile conglomerates such as Tata and Reliance have also made purchases to supply coal to their power plants in recent years.

India wants to control world energy !

 

[IND151]

^^ no its not

we are buying coal mines so what? we need energy on vast scale.

 

[HZR2011]

Funny title.....Misleading too

 

[T90TankGuy]

India wants to control world energy !

yes hafissss we want to control the world energy . , but the main agenda you forgot to mention was that we will once in control deny Pakistan any and all energy .

 

[Hafizzz]

yes hafissss we want to control the world energy . , but the main agenda you forgot to mention was that we will once in control deny Pakistan any and all energy .

What a funny Indian comedian.....Pakistan will stop the Oil and Natural Gas flow from Iran to India.

Look who is laughing now ????

 

[blackops]

yes we need energy in huge huge amount so its easy to understand why we need them so much

 

[Quick MIK]

What a funny Indian comedian.....Pakistan will stop the Oil and Natural Gas flow from Iran to India.

Look who is laughing now ????

America will stop the flow of oil and natural gas flow from Iran to pakistan.Dont forget Baloch freedom fighters.Look who is crying now??????

 

[indiatester]

India wants to control world energy !

I will have to take your conclusion with a lot of salt. The expected output from the mine seems to be on the higher side. Should help a bit in the existing energy shortage in India.

 

[Hafizzz]

America will stop the flow of oil and natural gas flow from Iran to pakistan.Dont forget Baloch freedom fighters.Look who is crying now??????

Uncle SAM can't even stop the Talibans.....so how can USA stop Iran, Afghanistan and Pakistan Oil and Gas flow ?

 

[RazPaK]

I guess this one way to get back at the Australians. Anyways, you can see China largely doing the same.

America will stop the flow of oil and natural gas flow from Iran to pakistan.Dont forget Baloch freedom fighters.Look who is crying now??????

Baloch Separatism is dying, and they are already willing to being a functioning part of Pakistan. Just as Pakistan cleaned out the Raw backed TTP, the few Baloch parties that were being paid by intelligence agencies have been cleaned out too.

 

[venu309]

Basically Indian corporates are going multinational & are on a buying spree abroad. They have a lot of funds at their disposal & they want to make good profittable investments.

 

[harpoon]

What a funny Indian comedian.....Pakistan will stop the Oil and Natural Gas flow from Iran to India.

Look who is laughing now ????

Thats why we are buying coal mines in Australia...Look East baby

 

[xdrive]

Hafizzz, i am sick to death of your silly threads.

You purposely make misleading/false thread titles and comments to attack groups of people especially Indians.

You have taken 1 news story about an Indian company investing in coal assets owned by an Australian company and you make the claim "India wants to control the worlds energy" or that India is "buying up Australia"

You obviously don't know how the mining business works.

Go troll and attack some place else.

 

[xdrive]

It's obvious some people don't know how things work in the real world.

If 1 Indian company is buying coal assets in Australia, it doesn't mean "India" as a country owns those coal assets. It's a private company after all. They have purchased the coal assets to make money and will sell it to whoever wants to buy the coal.

I don't know why people pretend that when a private Indian company buys something, it is then controlled by the Indian state and sent back to India free of charge.

 

[Anonymous user]

Hafizzz, i am sick to death of your silly threads.

You purposely make misleading/false thread titles and comments to attack groups of people especially Indians.

You have taken 1 news story about an Indian company investing in coal assets owned by an Australian company and you make the claim "India wants to control the worlds energy" or that India is "buying up Australia"

You obviously don't know how the mining business works.

Go troll and attack some place else.

Hahaha welcome to to Baby

Why don't you go grab a crown and settle down