Lanco Infra mulls bid for Australia's Premier Coal | business | Hindustan Times
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Lanco Infra mulls bid for Australia's Premier Coal

business Updated: May 30, 2011 12:52 IST

Reuters
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Infrastructure developer Lanco Infratech Ltd is considering a bid to acquire Australia's Premier Coal, owned by coal-to-retail conglomerate Wesfarmers, a top executive said.

"We are evaluating it, and we have not yet started due diligence," Lanco Group Chief Financial Officer J Suresh Kumar said on Monday.

"They (Wesfarmers) are following a transparent process, we are participating in that process, and maybe in the next two-three months there would be clarity on it."

Wesfarmers is considering selling its Premier Coal mine in the western part of Australia, whose value is estimated by analysts at $400 million-plus, The Australian newspaper has reported.

Lanco had earlier acquired Australia's Griffin Coal assets for A$750 million ($760 million).