A top executive said that Lanco Infratech Ltd is considering a bid for Australia's Premier Coal, owned by coal to retail conglomerate Wesfarmers joining the race of Indian firms scouting for coal assets across the world.

Mr J Suresh Kumar Lanco Group chief financial officer told Reuters that "We are evaluating it. We have not yet started due diligence."

The Australian newspaper has reported that Wesfarmers is looking to sell the Premier Coal mine in the western part of Australia, whose value is estimated by analysts at USD 400 million-plus.

Mr Kumar said that "They (Wesfarmers) are following a transparent process. We are participating in that process, and maybe in the next two-three months there would be clarity on it.”

Media reports have said that Indian energy major Reliance Industries , utility Reliance Power and construction and energy firm GVK Power are also in the race to buy Premier Coal.

(Sourced from Reuters)