Deals
Billionaire Reddy to Sell $1 Billion Unit Stake to Buy Mines
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GVK Group, controlled by Indian billionaire G.V. Krishna Reddy, plans to raise $1 billion selling a stake in its energy unit to help fund the purchase of coal assets from a company owned by Australia’s richest woman.
The group that runs airports and builds power plants and highways, plans to sell the stake in GVK Coal Developers (Singapore) Pte. in three to six months, said G.V. Sanjay Reddy, vice chairman of GVK Power & Infrastructure Ltd., the group’s publicly traded unit. GVK agreed to pay $1.26 billion to buy a 79 percent stake in Gina Rinehart’s Hancock Prospecting Pty. coal assets, according to a statement e-mailed on Sept. 16.