HYDERABAD (TIP):

Hyderabad-based GVK Power & Infrastructure Ltd (GVKPIL) plans to tie up $10 billion of funds for its Australian pit-to-port project in a year’s time. With all approvals in place, the company has awarded a contract to Korea-based Samsung C&T and Smithbridge Group Pvt Ltd of Australia for the port component. GVKPIL, through its subsidiary, Hancock Coal Infrastructure, is erecting the $10-billion project at Abbot Point in North Queensland. “We got all our approvals last week. From this week, we are starting our financing programme and construction contracts. The third quarter of the next calendar year will see financial closure and construction would start,” G V Sanjay Reddy, vicechairman, GVKPIL, said.