JSW Steel, India's third-largest steel producer is likely to bid for New Hope, the Australian coal producer valued at $5 billion ($5.2 billion) and it is analyzing the assets. The company is scouting the way of raising money for funding the acquisition either on its own or through a venture.
JSW will facilitate with the thermal-coal mines and an export terminal after the acquisition of New Hope, based in Ipswich, Queensland state. The New Hope asset is very big and will help the energy unit of JSW to secure raw material New Hope, has invited selected group to submit offers in a process that is likely to take months.
The company’s net profit after tax for the quarter declined 71.46% at Rs 127.12 crore as compared to Rs 445.44 crore for the quarter ended September 30, 2010. However, its net sales has increased 29.12% to Rs 7668.97 crore for the quarter under review from Rs 5939.28 crore for the similar quarter of the previous year.
