By Sobia Khan,ET Bureau
BANGALORE: GMR Infrastructure has joined the race to acquire Australia-based Bandanna Energy's coal mines , a senior company official told ET.
"The company has been shortlisted for the second round of bidding and would soon start due diligence," the GMR official added. The Bangalore-based company will compete with the Aditya Birla Group's Essel Mining and JSW steel along with four Korean and Chinese companies.
Bandanna Energy is an emerging coal exploration company listed on the Australian Stock Exchange and holds 16 exploration permits for coal in the Bowen and Galilee basins in Queensland where more than 1.4 billion tonnes of coal resources has been identified.
At 12:27 pm, the company's stock was trading up 3.24% at Rs 35.10 despite a bad Jan-March financial performance. GMR posted a loss of Rs 1006.7 crore after taking a hit of Rs 939 crore due to the sale of global power firm Intergen.
GMR Infrastructure has also received a payment of Rs 330 crore out of Rs 480 crore from Tamil Nadu Electricity Board Regulatory Commission against the dispute between the company and the state electricity board with respect to power purchase agreement, land lease and rentals among others. (sourced ET)