Reuters reported that India's Aditya Birla, JSW Steel and Jindal Steel & Power are among firms shortlisted to bid for Australian coal explorer Bandanna Energy as part of a billion dollar plus sale.

Indian firms dominated the interest in Bandanna although a number of Chinese firms were also in the race.

One source said that China's CITIC Resources Holdings and a subsidiary of China Coal had also made it to the second round of the sale process after lodging indicative bids earlier this month. It added that Peabody Energy, Xstrata and Wesfarmers had also expressed interest, but it was unclear whether their bids had advanced.

Another source said that the process was expected to be completed by the end of June 2011.

Bandanna, which holds coal exploration permits in the Bowen and Galilee basins in the northeast Australian state of Queensland, last year appointed UBS to advise on a strategic review of the company's funding requirements which it said could involve the partial or total sale of its assets.

According to analysts and local media reports, Bandanna could fetch between AUD 800 million.

The Australian Financial Review said in an unsourced report that indicative bids of less than AUD 1 billion did not make it through to the second round of bids. The report also said India's NTPC was also in the mix.

(Sourced from www.reuters.com)