It has been revealed in a recent development that two coal mines from Australia are going to be bought by the energy giant, GVK Power. These shall require humongous funds and the firm is busy raising debts for the same. ICICI bank is going to be one of the major lenders for the firm. They are going to pay them as much as 1.2 billion for the same.

"The loans will carry an interest of 10% and will be completed in the next 2 weeks. The funding will be raised via a special purpose vehicle that will be registered overseas”, said a person involved in these major transactions.

The talks for the acquirement of these coal mines have been going on for a long time. It is just a matter of time now that they will be taken over by this firm. They are raising funds so that they can make the maximum benefit out of the mines, once purchased. They have money in their kitty, but have opted to borrow due to their own reasons.

The firm is of the aim of reaching 10,000mw of produce in the few years to come. With the sort of determination and crusade steps that they are taking, it should be a job well done.