CCI Approves Yancoal Australia’s Acquisition of Kestrel Coal Group

The Competition Commission of India (CCI) has approved the acquisition of 100% equity interest and warrants in Kestrel Coal Group Pvt. Ltd. by Yancoal Australia Limited from EMR Capital Advisors Pty Ltd., Kestrel Coal (EMR) Limited, EMR Capital Management Limited and Adaro Capital Limited. The transaction involves Yancoal Australia Limited acquiring the Target from the four sellers. 

Acquirer’s Business 

Yancoal Australia Limited is a public company listed on the Australian Securities Exchange and the Stock Exchange of Hong Kong. It primarily produces thermal coal from mines in New South Wales, Queensland and Western Australia, along with a small volume of metallurgical coal. 

The Acquirer has no physical presence in India and has limited exports of thermal and metallurgical coal into India through certain affiliates. 

Kestrel Coal Group and Kestrel Mine 

Kestrel Coal Group Pty Ltd. is jointly owned by the Sellers and holds an 80% interest in Kestrel Joint Venture (Kestrel JV), which owns and operates the Kestrel Coal Mine in Queensland.  The mine primarily produces metallurgical coal, along with a small volume of thermal coal. 

India Nexus 

The Target has no physical presence in India. Its only nexus with India arises from Kestrel JV’s sale of metallurgical coal into India. As per details, the Target does not have any other business activities in India, either directly or indirectly.