GVK-Hancock deal bags 'Asia Deal of the year' award

The $1.26 billion GVK-Hancock deal has been has been awarded the 'Asia Deal of the year' and GVK was awarded as the 'Asia Outbound Investor of the year' at the 8th Annual Asia Mining Congress at Singapore, according to GVK.

In September last year, GVK agreed to acquire stake in assets in Australia's emerging Galilee Basin from Hancock Coal. The assets included 79 per cent of the Alpha coal deposits, 100 per cent of the Kevin's Corner deposit and 100 per cent of the rail and port project.

GVK Chairman GVK Reddy in a statement said, the recognition is a reaffirmation of vision in transforming the company into one of India's premier transnationals.

"The best thing about winning this award is that we are not just representing the Indian business community but we are also creating a new platform for Indian investors," Reddy said.

GVK Vice Chairman Sanjay Reddy said the acquisition of the Hancock coal and infrastructure projects in Queensland's Galilee Basin was a landmark investment not only in terms of increasing the business footprint but also in terms of increasing the economic cooperation between India and Australia.