India’s diversified Aditya Birla Group is considering bidding for Australia’s New Hope Corp, a US$5bn coal miner which put itself up for auction last month, sources said on Wednesday.
Aditya Birla requires thermal coal for group companies under its wing including UltraTech Cement (India’s largest cement producer) and Hindalco Industries (India’s top aluminium) producer.
The group is expected to appoint an adviser for the bidding process soon, two sources told Reuters.
New Hope is considering a break-up and asset sales amid interest from global resource companies, sources said last month.
Aditya Birla Group, a US$35bn conglomerate that gets 60 per cent of its revenue from its overseas operations, is unlikely to face a problem in financing a possible deal, the sources said.