GVK bags Asia Deal of the Year award

Hyderabad, March 29 (IANS) Leading infrastructure developer GVK has been bagged the 'Asia deal of the year' and the 'Asia outbound investor of the year' awards for its acquisition of the Australia-based Hancock Coal and infrastructure projects for $1.26 billion.

The Hyderabad-based firm was awarded at the ongoing 8th annual Asia Mining Congress in Singapore, said a company release here Thursday.

GVK was nominated alongside peers such as China Minmetals, Adani, Aluminium Company of China (Chalco), Coal India, Shougang Corporation, Mitsubishi Development, NMDC and China-Africa Development Fund.

Last year GVK agreed to acquire high quality coal and infrastructure assets in Australia's emerging Galilee Basin from Hancock Coal.

The $1.26 billion investment by GVK is claimed to be the largest direct investment by an Indian company in an Australian resources project.

"GVK has won the award by demonstrating strategic vision and strong leadership for its business and paving a new path for businesses across Asia," said the organisers of Asia Mining Congress.

"The recognition is a reaffirmation of our vision in transforming our 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, we are also creating a new platform for Indian investors," said G.V.K. Reddy, chairman, GVK.