Yancoal Australia Limited Combination · 25 Aug 2026
CCI competition order · 25 Aug 2026
Official title
Yancoal Australia Limited
Summary
Check the official recordWhat changed
Yancoal Australia Limited proposes the acquisition of 100 percent of the equity interest and warrants in Kestrel Coal Group Pty Ltd. The Acquirer produces thermal and metallurgical coal in Australia. The Target holds an 80 percent interest in the Kestrel Joint Venture which operates a coal mine in Queensland. Both parties export limited volumes of coal to India. The transaction creates a horizontal overlap in the supply of coal and the supply of metallurgical coal in India. The parties intend to diversify the portfolio of the Acquirer and achieve synergies for the Target.
Who is affected
- Yancoal Australia Limited
- Kestrel Coal Group Pty Ltd
Document text
A SUMMARY OF THE PROPOSED COMBINATION, AS REQUIRED UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024
A. Name of the parties to the combination
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Yancoal Australia Limited (Yancoal / Acquirer); and
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Kestrel Coal Group Pty Ltd (KCG / Target).
The Acquirer and the Target are collectively referred to as the Parties.
B. Nature and purpose of the combination
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The proposed transaction relates to the acquisition of 100% of the equity interest and warrants in the Target from EMR Capital Advisors Pty Ltd (EMR Manager), Kestrel Coal (EMR) Limited (EMR Cayman), EMR Capital Management Limited (EMR) and Adaro Capital Limited (Adaro), by the Acquirer (Proposed Transaction).
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The Proposed Transaction allows the Acquirer to diversify its existing portfolio whilst offering the Target potential synergies.
C. Products, services and business(es) of the parties to the combination
Acquirer
- The Acquirer is a public company listed on the Australian Securities Exchange and the Stock Exchange of Hong Kong. The Acquirer primarily produces thermal coal from mines located in New South Wales, Queensland and Western Australia. It also produces a small volume of metallurgical coal. The Acquirer has no physical presence in India, and only has certain limited exports of thermal and metallurgical coal into India.
Target
- The Target is jointly owned by EMR Manager, EMR Cayman, EMR and Adaro, and ultimately holds an 80% interest in Kestrel Joint Venture (Kestrel JV), which owns and operates the Kestrel Coal Mine in Queensland. The Kestrel Coal Mine primarily produces metallurgical coal, in addition to a small volume of thermal coal. The Target has no physical presence in India, and its only indirect nexus with India arises through Kestrel JV’s sale of metallurgical coal into India. The Target does not have any other business activities in India, directly or indirectly.
D. Respective market(s) in which the parties to the combination operate
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The Acquirer and the Target exhibit the following limited horizontal overlap in India:
(i) the broad market for supply of coal in India; and
(ii) the narrow market for supply of metallurgical (coking) coal in India.
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Source details
- Source
- Competition Commission of India
- Type
- competition order
- Published by source
- 25 Aug 2026
- Issuing division
- Competition Commission of India
- Coverage area
- competition-law