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Aditya Birla group likely to bid for Aussie firm New Hope

Wednesday 9th Nov 2011 1351

New Delhi : The Aditya Birla Group has begun the process to bid for acquiring Australian coal company New Hope, valued at 5.2 billion dollar.

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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