GIC in talks to buy stake in India GVK arm

Sovereign wealth fund Government of Singapore Investment Corp (GIC) has begun talks with India’s GVK Group to buy a stake in one of its units that owns Australia’s Hancock Coal, the Financial Express newspaper reported on Wednesday, citing two people familiar with the development.

GVK is looking to sell down its stakes in the Alpha coal project and related port and rail assets in Australia to help fund the A$10 billion ($13 billion) cost of the projects, its Australian chief told Reuters last month.