Coal Mining: Tata group looking for New Hope bid

MUMBAI: Tata group is looking at the assets of Australia’s New Hope Corp, a $5 billion coal miner that put itself up for auction last month and could consider a bid in the future, a source with direct knowledge of the matter said on Saturday. Tata group firms Tata Power and Tata Steel have been on the lookout for coal assets in recent years to feed their growing raw material requirements. The source told Reuters that the discussions are at a very preliminary stage. Utility Tata Power said in a statement, it is continuously evaluating “various opportunities to acquire resources including coal mines globally,” but did not offer any specific comment on any specific deal. A spokesman for world’s No7 steel maker Tata Steel said the company is evaluating various options for raw material assets but declined to comment on any specific deal.

Published in The Express Tribune, November 6^th, 2011.