State-owned Coal India will hire merchant bankers to carry out financial due diligence for acquiring equity stakes in identified mines and companies in Australia as part of its plan to meet the growing dry fuel demand in the country.
The state-run miner has identified coal assets in Australia for acquiring equity stakes along with off-take rights in an asset or a company, Coal India said in a notice inviting proposals from investment bankers.
“CIL intends to avail the services of internationally reputed merchant banker/investment banker to carry out financial due diligence and render transaction advisory services with respect acquisition of stakes along with off-take rights in a coal asset in Australia held by a company for the purpose for arriving at an enterprise valuation of the company and framing of a non-binding Offer initially and followed by a final and binding offer,” the world’s largest coal miner said.
