Three Indian firms -- Aditya Birla, JSW Steel, and Jindal Steel and Power are among the firms shortlisted to bid for Australian coal explorer Bandanna Energy as part of a billion-dollar-plus sale. Various Indian companies are eying to secure overseas coal supplies to fuel their power plants in India. Bandanna is expected to get $853 million from this deal.
Bandanna Energy, which holds coal exploration permits in the Bowen and Galilee basins in the northeast Australian state of Queensland, has been advised by UBS to sell some or all of its assets to fulfill its funding requirements.
