Green nod booster for GVK Power

The stock of GVK Power, which has been ruling near the lowest level since listing, may witness buying interest this week, as the company secured environmental clearance for its $4.2-billion Kevin's Corner mine project in Queensland, Australia. The Kevin’s Corner project, proposes a 30 million tonne per annum underground and open-cut coal mine and other associated infrastructure 65 kilometres north-west of the alpha township. The project would rely on the railway infrastructure of the adjacent Alpha Coal project to transport coal to the Port of Abbot Poini, Bowen. Last year, GVK’s Alpha coal project received key environmental approvals. GVK had acquired 79 per cent stake in Alpha Coal and Alpha West Coal Mines and 100 per cent in Kevin's Corner from Hancock Coal for $1.26 billion.