NTPC not to bid for Australia’s Bandanna

NTPC not to bid for Australia’s Bandanna

Mumbai: State-run NTPC Ltd, India’s largest power utility, is not making a bid for Australian coal explorer Bandanna Energy’s assets as the price was not “viable", its chairman said on Monday.

“We did not bid as the basic price was not looking viable," Arup Roy Choudhury told reporters. “It is very important for us at what price we get the coal."

Local media had reported earlier NTPC would submit a final bid for Bandanna Energy assets. Last week, Jindal Steel & Power said it would bid for Bandanna.

Last month, coal explorer Bandanna asked potential bidders to provide binding offers after shortlisting parties as part of a strategic review. The proposed bids include individual project assets and corporate-based transactions.

NTPC, which generates about 30% of India’s power, plans to add 4,320 MW capacity on its own and through joint-venture projects this fiscal year, and 25,000 MWs by 2017.