By Sameer Hashmi,ET
JSW Energy and GVK Power and Infrastructure will have to submit fresh bids for acquiring two coal assets put on the block by Hancock Coal as the Australian firm now wants joint bids for the assets, sources said.
Hancock Coal is selling Kevin's Corner and Alpha Coal, both located in Australia's Queensland province, as it expects good valuation for the assets.
Some Chinese and Japanese power generation companies are also among the shortlisted bidders.
The two Indian firms, however, declined to comment on the development.
"We have been looking at various assets and Hancock is one of them," GVK's vice chairman Sanjay Reddy told ET NOW. "Unfortunately we are subject to confidentiality with Hancock, so I won't be able to comment."
GVK has been scouting for coal mines for the past two years as it wants to secure fuel for its power projects, but it has so far failed to clinch a single deal due to weak financial bids.
"For us, at this point of time, CIC is the main focus," JSW Energy's joint managing director and chief executive L K Gupta said.
Sajjan Jindal-led JSW Energy is in the process of buying out UK-based power and coal mining firm CIC Energy Corporation. The deal was supposed to close on February 28, but the date for completing the acquisition was extended after CIC announced a dispute with GCL Botswana.
Hancock is expected to finalise one buyer by the end of this month. Kevin's Corner and Alpha Coal are located close to the mine that Adani Enterprises acquired last year from Linc Energy.
"The valuation could go over $4 billion considering the asset size," a source said. "There is a possibility that some players may exit the race since the valuations is so high." The two mines have an estimated 7.9 billion tonnes of thermal coal, according to the company's website.
Tags: Australia Queensland, Chinese power company, Japanese power co., bidders,
Hancock Coal is selling Kevin's Corner and Alpha Coal, both located in Australia's Queensland province, as it expects good valuation for the assets.
Some Chinese and Japanese power generation companies are also among the shortlisted bidders.
The two Indian firms, however, declined to comment on the development.
"We have been looking at various assets and Hancock is one of them," GVK's vice chairman Sanjay Reddy told ET NOW. "Unfortunately we are subject to confidentiality with Hancock, so I won't be able to comment."
GVK has been scouting for coal mines for the past two years as it wants to secure fuel for its power projects, but it has so far failed to clinch a single deal due to weak financial bids.
"For us, at this point of time, CIC is the main focus," JSW Energy's joint managing director and chief executive L K Gupta said.
Sajjan Jindal-led JSW Energy is in the process of buying out UK-based power and coal mining firm CIC Energy Corporation. The deal was supposed to close on February 28, but the date for completing the acquisition was extended after CIC announced a dispute with GCL Botswana.
Hancock is expected to finalise one buyer by the end of this month. Kevin's Corner and Alpha Coal are located close to the mine that Adani Enterprises acquired last year from Linc Energy.
"The valuation could go over $4 billion considering the asset size," a source said. "There is a possibility that some players may exit the race since the valuations is so high." The two mines have an estimated 7.9 billion tonnes of thermal coal, according to the company's website.
Tags: Australia Queensland, Chinese power company, Japanese power co., bidders,
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