Indian state-run International Coal Ventures (ICVL) has placed a bid valued at approximately $200m to acquire a 12% stake in an Australian coal mine owned by Anglo American Plc.
According to media reports, at least three other companies, including Chinese players, have submitted bids for the Grosvenor mine, which is an underground coal project located within the northern region of the Bowen basin.
The greenfield coal mine is expected to reach full production in 2016.
ICVL is also close to acquiring a 24% stake in Singapore-headquartered MEC Coal, the Wall Street Journal reported.
ICVL is a special purpose vehicle formed by Coal India, NTPC, Rashtriya Ispat Nigam, NMDC and Steel Authority of India, to acquire coal assets abroad.