The Coordinator General of Australia gave environmental clearance for GVK group's second coal mine - $4.2 billion Kevin's Corner mine in Queensland area of the country. Hancock Coal sold 100 percent stake in the asset to GVK for $1.26 billion.
The group received the state environmental approval for the project, said GV Sanjay Reddy, Vice Chairman of GVK Group.
In a statement, GV Krishna Reddy, Group Chairman said the progress in this project further strengthens the firm's commitment to develop world class projects in a timely and responsible manner.
The other coal asset of the firm in Australia is the Alpha Coal and Alpha West Coal Mines, in which the company holds 79 percent stake. It obtained environmental clearances for Alpha coal project in May last year.
GVK is developing Kevin's Corner project to produce 30 million tonne a year. The Alpha Coal and Kevin's Coal mines are together estimated to have reserves of 8 billion tonne and capacity of 60 million tonne a year.
The project, located some 65 km north west of Alpha Township, relies on the railway infrastructure of adjacent Alpha coal project to transport coal to the port of Abbot Point at Bowen.
In March, GVK Coal Infrastructure (Singapore), the holding company for Australian coal mine assets, has signed an agreement with Aurizon for developing a rail and port infrastructure to unlock the Galilee basin coal reserves.