The Competition Commission of India (CCI) has granted approval for the acquisition of 100% equity interest and warrants in Kestrel Coal Group Pty Ltd by Yancoal Australia Limited from sellers including EMR Capital Advisors Pty Ltd, Kestrel Coal (EMR) Limited, EMR Capital Management Limited, and Adaro Capital Limited. Yancoal Australia Limited is a public company listed on both the Australian Securities Exchange and Stock Exchange of Hong Kong that primarily produces thermal coal from mines in New South Wales, Queensland, and Western Australia, with minor metallurgical coal production. The company has no physical presence in India and only limited coal exports to the country through certain affiliates.
Kestrel Coal Group Pty Ltd holds an 80% interest in the Kestrel Joint Venture, which owns and operates the Kestrel Coal Mine in Queensland. The mine primarily produces metallurgical coal with a small volume of thermal coal production. Similar to the acquirer, the target has no physical presence in India, and its only connection to the country is through the Kestrel JV's sales of metallurgical coal into the Indian market. The target maintains no other business activities in India, either directly or indirectly.
The approval represents a routine clearance of a foreign combination with minimal India nexus, as both entities operate primarily outside India with limited export relationships to the country. The transaction involves the complete acquisition of the target company's ownership stakes and warrants, transferring full control to Yancoal Australia Limited from the consortium of sellers.