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Aditya Birla Group may bid for New Hope Corp

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Newspaper reports state that the Aditya Birla Group is considering bidding for Australia’s New Hope Corp, a $5 billion coal miner that put itself up for auction last month. New Hope is considering a break-up and asset sales amid interest from global resource companies, sources said last month.Among those interested in the Queensland-based thermal coal producer are India’s No.3 steelmaker, JSW Steel, China’s Yanzhou Coal Mining Co Ltd and London-listed Xstrata , the sources had said. Aditya Birla Group, a $35 billion conglomerate that gets 60 percent of its revenue from its overseas operations, is unlikely to face a problem in financing a possible deal, the sources said . New Hope is among the last few major coal companies left in resource-rich Australia after a flurry of recent takeovers consolidated the industry.

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