GVK signs deal for 75 per cent land acquisition for Australia rail project.

Australia's Hancock Coal, owned by GVK Group promoters, has completed negotiations for acquiring 75 per cent of the land required for its proposed rail line being developed between its coal mines in Galilee Basin and Abbot Point Coal in Queensland province, the company said.

According to a project update report, GVK said the process for acquiring the remaining 25 per cent of the land will be initiated shortly.

'To date, our GVK Hancock project team has successfully negotiated terms sheets with landholders for around 75 per cent of the rail corridor which outline commercially agreed terms for the acquisition and compensation of the land.

'At this stage, GVK Hancock plans to recommence negotiations with the remaining landholders along the rail line route once it has finalised the proposed joint venture with Aurizon, Australia's largest rail freight operator,' GVK report said.

ET