Gunupati Venkata Krishna Reddy’s dream of making it big on the global coal mining landscape seems to be in doldrums now.
- In 2011, GVK bought stake in Hancock Prospecting’s coal assets for $1.26 bn
- 3 coal projects have 7-bn tonne coal reserves
- Plans were afoot to produce 60 million tonne a year
Nearly six years ago, GVK Reddy, as the founder of the city-based diversified GVK Group is popularly known, embarked on an ambitious task of developing three massive coal projects in Galilee Basin of Queensland state in Australia that entailed total investments of nearly $10 billion (nearly Rs 65,000 crore). Read More…