JSW Energy in race for Australia’s Hancock Coal
09 Feb 2011
The Sajjan Jindal-run JSW Energy is likely to join the race with the Essar Group, Hyderabad-based GVK and Lanco Infratech to bid for the coal mines that have been put on the block by Australian coal mining company Hancock Coal, says a report.
Hancock Coal is seeking a buyer for two of its coal mines, Alpha Coal and Kevin's Corner, which are located in Galilee Basin in the coal-rich Queensland.
The combined reserves of both coal mines can be as high as 7.6 billion tonnes of thermal coal which was used to produce electricity.
The life of these mines is almost 30 years.
Citing unnamed sources, Business Standard today said JSW's bid will have to match the six bids which have already been accepted by the Hancock management after a first round of review.
The bids, including that of GVK and Essar, are close to $2 billion each, the report said.