Indian, Chinese companies to bid for Premier Coal
The sale process of Australian coal miner Premier Coal kicked-off last week after the Perth-based resources company received initial expressions of interests from several Indian and Chinese bidders including Essar Power.
Premier Coal, valued at around Australian $500 million (about Rs 2,340 crore), has also gathered interest from infrastructure major GMR Group and Lanco Infratech, though this could not be ascertained independently. An Essar Group spokesman denied it has plans to pitch for Premier Coal. The mines currently produce around 4 million tonne and have proven resources of 121 million tonne.
Since Lanco recently acquired a coal property at Griffin which is adjacent to the Premier Coal block, Lanco has also been invited to pitch for the property. Lanco executives have even offered a strategic tie-up (without any financial impact) to the potential Premier Coal buyer. Lanco Infratech had completed the acquisition of the Griffin coal mines in Western Australia for A$750 million last month.