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Aditya Birla Group, Coal India To Eye Bids For Rio Tinto Plc's Coal Assets-Business Standard


Monday, 10 Jun 2013 10:45pm EDT 

Business Standard reported that according to people familiar with the matter told Reuters that Aditya Birla Group, Coal India Ltd and China's state owned Shenhua Group Corp Ltd are among companies considering bids for some of Rio Tinto Ltd's Australian coal assets, valued at an estimated $3.2 billion. Rio Tinto , led by new chief executive Sam Walsh, is offloading a string of assets to help cut its $26 billion in debt and protect its single-A credit rating. It is also looking to cut its exposure to the coal industry, which has been squeezed by surging costs and a 30% slump in prices since early 2012. This has given potential suitors the opportunity to bulk up on good quality coal assets and secure supply agreements. Rio Tinto is selling a 29% stake in its Coal & Allied business and its majority stake in the Clermont mine in Queensland state, with preliminary bids due this week, one person with direct knowledge of the matter said. 

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