JSW Steel, India’s third largest producer, is considering a bid for New Hope, the Australian coal producer valued at A$5 billion ($5.2 billion). The company is studying the assets and may make an offer. JSW will look at ways to raise money to fund the acquisition either on its own or through a venture. Buying New Hope, based in Ipswich, Queensland state, would give JSW thermal-coal mines and an export terminal. New Hope, which operates the Acland coal mine in Queensland, announced that selected groups will be invited to submit offers in a process that is likely to take months. JSW requires coking coal for its steel operations and thermal coal to run its energy unit’s operational and upcoming power plants in India.
