Hancock’s regulatory clearance progress…
We met GVK Power & Infrastructure’s group company GVK Natural
Resources Pte Ltd to understand the development made in the Hancock
Projects and its way ahead. As per the company, significant progress has
been made on the Hancock project approval process. The company is
well poised to achieve financial closure (FC) for the project in the next five
or six months possibly through ECA and begin construction on the
project from Q2CY13. In terms of funding, the project D/E is expected to
be 75-80% with majority of debt in the form of ECA funding from various
countries. It is also confident of funding its entire equity requirement
through minority equity dilution to various stakeholders (prospective
clients - mine, rail & port, equipment supplier, EPC contractor, rail/port
operator, etc.)
http://content.icicidirect.com/mailimages/ICICIdirect_GVKPower_Hancock_EventUpdate.pdf
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