Indian firm eyes Berau Coal: Report

Indian firm The Anil Dhirubhai Ambani Group (ADAG) has evinced interest in acquiring PT Berau Coal, one of the largest thermal coal firms in Indonesia, Business Standard of India reported on Monday.

Confirming this, an ADAG spokesperson said, ?We are looking for coal assets across the globe, particularly in Indonesia,? he said.

The buy will have significant synergies for ADAG power company Reliance Power that was awarded the 4,000 Mw imported coal- based project at Krishnapatnam in Andhra Pradesh.

Reliance Power, which is also raising funds through a maiden issue, is expected to be the group?s vehicle for bidding for PT Berau.

ADAG may face competition from at least another Indian contender as the Sajjan Jindal-controlled JSW Energy has also decided to evaluate the acquisition proposal.

Merrill Lynch is learnt to be its advisor for sale.(*)