NTPC to make a final offer for a stake in Australia's Bandanna Energy Ltd by this month end

Country's largest power producer NTPC Ltd will make a final offer for a stake in Australia's Bandanna Energy Ltd by this month end. Two other Indian companies including GMR and Essel Mining are among the many global companies believed to be vying a stake in the coal explorer. Bandanna holds 16 exploration permits in the Bowen and Galilee basins in coal-rich Queensland apart from licences to explore for minerals and oil shale in the state. It has reserves of at least 1.4 billion tonnes of coal 

"We're considering the stake we should buy in Bandanna," NTPC chairman and managing director Arup Roy Choudhury told reporters here. Choudhury said NTPC has cut its generation capacity target to 70,000-mw by March 2017 from 75,000-mw earlier, due to coal, gas supply and land acquisition issues. Many Indian companies are joining race for Australian coal assets. Indian companies have shown interest in Whitehaven Coal Ltd. and the mines of Hancock Prospecting Pty . Ltd. as well. Lanco Infratech's acquisition of Griffin Coal assets and Adani Enterprises Ltd's acquisition of Galilee coalmines of Linc Energy are among recent deals by Indian companies.