Mon Mar 14, 2011 3:28am GMTMUMBAI, March 14 (Reuters) - India's diversified Aditya Birla group is likely to bid for Australian coal miner Whitehaven Coal (WHC.AX: Quote), the Business Standard newspaper reported on Monday, citing three unnamed sources with knowledge of the matter.
The group has been selected in the first round, and will now be able to make a due diligence of Whitehaven, the paper said.
"The group is formalising the plan. It is too early to say who will bid and how money will be arranged," a source told the paper.
Sydney-based Whitehaven, which launched a formal process to find a buyer in October, said last month it had received a number of non-binding bids and short listed suitors would now conduct due diligence.
Chinese firms Shenhua Group, Yanzhou Coal Mining Co (1171.HK: Quote) and China Coal, and India's Reliance Power (RPOL.BO: Quote) have earlier been reported to be interested in Whitehaven.
The Aditya Birla group, a telecoms-to-cement conglomerate, has thermal coal requirements for group companies Hindalco (HALC.BO: Quote), India's top aluminium producer, and UltraTech Cement (ULTC.BO: Quote), the country's largest cement producer.
Officials at the group were not immediately available for comment. (Reporting by Prashant Mehra; Editing by Ranjit Gangadharan,sourced:Reuters)
The group has been selected in the first round, and will now be able to make a due diligence of Whitehaven, the paper said.
"The group is formalising the plan. It is too early to say who will bid and how money will be arranged," a source told the paper.
Sydney-based Whitehaven, which launched a formal process to find a buyer in October, said last month it had received a number of non-binding bids and short listed suitors would now conduct due diligence.
Chinese firms Shenhua Group, Yanzhou Coal Mining Co (1171.HK: Quote) and China Coal, and India's Reliance Power (RPOL.BO: Quote) have earlier been reported to be interested in Whitehaven.
The Aditya Birla group, a telecoms-to-cement conglomerate, has thermal coal requirements for group companies Hindalco (HALC.BO: Quote), India's top aluminium producer, and UltraTech Cement (ULTC.BO: Quote), the country's largest cement producer.
Officials at the group were not immediately available for comment. (Reporting by Prashant Mehra; Editing by Ranjit Gangadharan,sourced:Reuters)
Tags :Chinese investment in coal, Shenhua group, Yanzhou Coal Mining Co., Hindalco, Ultratech Cement, raw material,
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