Jindal, Essar in tussle for Australian coal firm

 
Essar, on Sunday, offered Rocklands A$0.50 per share, trumping a A$0.42 per share bid launched by Jindal in September, coke producer and coal explorer Rocklands said in a statement on Wednesday. The takeover tussle comes as Indian steel mills ramp up their search for raw material overseas in a bid to feed voracious domestic demand for steel.

Indian power companies have also in recent months expressed an interest in buying Australia’s coal assets, as forecasts of India’s huge growth in power consumption have also sparked concerns of a spike in coal prices over the next few years. Perth-based Rocklands, which had previously agreed to Jindal’s deal, said it would hold a board meeting to consider the merits of the competing proposals.