GVK Power & Infrastructure Limited (GVKPIL) has posted a net loss of Rs 20.58 crore for the quarter ended March 2012. The loss is 43 per cent higher than the loss of Rs 14.5 crore it had incurred during the same period previous year.
GVK Power and Infrastructure has moved higher by 7.5% at Rs 18.70 on reports that the company is planning to sell part of its stake in Hancock coal mines in Australia in order to raise funds for the development of the thermal coal assets.
GVK Power & Infrastructure Ltd is looking to sell down its stakes in the Alpha coal project and related port and rail assets in Australia to help fund the $10 billion cost of the projects, its Australian chief said on Wednesday.
GVK's two gas-based power plants in Andhra Pradesh are reaching "critical" stage in terms of Plant Load Factor (PLF) due of shortage of gas and their expansion has been put on hold, a senior company official said today.
Shortage of gas supply to its power plants, interest expenses and forex fluctuations led GVK Power and Infrastructure to net loss of Rs 14.50 crore in the third quarter ended December.
The Hyderabad-based GVK Group has proposed to invest Rs 40,000 crore to create 6,000-Mw in Andhra Pradesh. This includes a 2,650-Mw coal fired thermal power plant in addition to the expansion of the two existing gas power projects by over 3,000 Mw.
GVK Power and Infrastructure has rallied 8.4% to Rs 12 on back of news reports that Singapore's Changi Airports Group is in talks to buy a 26% stake in the company's airport business.
Singapore's Changi Airports Group is in talks to buy a 26% stake in the airport business of India's GVK Power & Infrastructure Ltd, a newspaper reported.
GVK Power and Infrastructure plans to sell a minority stake in its Australian unit to raise funds to retire part of its debt and fund operations, three sources with direct knowledge of the matter said.
GVK Power & Infrastructure plans to steer clear of future acquisitions in Australia, at least for now, after paying $1.26 billion for a majority stake in three Australian coal mines and a port and rail project owned by the Hancock Group.
Hyderabad-based GVK Power & Infrastructure Limited (GVKPIL) reported an 11.42 per cent decline in net profit to Rs 37.92 crore for the quarter ended September 30, 2011, as compared with Rs 42.81 crore in the corresponding quarter last year.
GVK Power & Infrastructure today said it had acquired an additional 14% stake in Bangalore International Airport (BIAL) for Rs 613.82 crore, thereby increasing its overall shareholding to 43%.
GVK Power & Infrastructure has gained nearly 2% after the company said its unit – GVK Airport HoldingsPvt. Ltd. – has acquired 108 million shares in Mumbai International Airport Pvt. Ltd. (MIAL) from Bid Services Division (Mauritius) Ltd.
GVK Power & Infrastructure said late on Thursday its unit has won a bid to develop a four-lane section of Mumbai-Agra national highway in the state of Madhya Pradesh.
GVK Power and Infrastructure, the flagship company of Hyderabad-based GVK group, is planning to have 7,500 MW thermal power generation capacity by FY17, a senior company official said.
GVK Power & Infrastructure today said it was looking at Australian as well as international banks for raising funds to make investment of about $6-7 billion in coal assets that it was acquiring from Hancock.
GVK group, of which GVK Power & Infra is a part, is in talks with Indonesia's PT Kideco Jaya Agung for divesting part of its stake in the coal mines that it bought last week from Australia's Hancock Group for $1.26 billion, business daily Mint said
