Aditya Birla group likely to bid for Aussie firm New Hope

Talks between Aditya Birla Group, which owns Hindalco Industries and UltraTech Cement, and New Hope have moved beyond the initial stages, industry sources said, adding the 35-billion dollar conglomerate was likely to appoint advisors in the next few days for the deal.

The group is also mulling on raising funds on its own or form a joint venture for the acquisition, sources said. "We do not comment on market speculations," Aditya Birla Natural Resources' Managing Director Tuhin Mukherjee said, when asked about it.

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