India-based GVK Power and Infrastructure is in exclusive talks to acquire two coal mines in Australia from Hancock Prospecting in a deal worth approximately A$8bn ($8.3bn).

GVK signed an agreement with Hancock Prospecting last week to continue exclusive negotiations until mid-May for the acquisition of the Alpha Coal and Kevin’s Corner mines.

The company will also buy associated infrastructure involved with transporting coal from the mines to India.

The Financial Times reported that GVK is also in advanced discussions with Standard Chartered and ICICI Bank to raise funding for the acquisition and subsequent operation of the mines.

The Indian company has been scouting to secure more coal mines for the past two years to guarantee supply of coal for its power stations.