The Competition Commission of India (CCI) has cleared an overseas coal industry transaction. Yancoal Australia Limited, a publicly listed coal producer, will acquire complete ownership of Kestrel Coal Group Pty Ltd. from a group of sellers including EMR Capital Advisors and Adaro Capital. The deal received regulatory approval on August 25, 2026.
Transaction Details
Yancoal Australia Limited is buying 100% equity interest and warrants in Kestrel Coal Group Pty Ltd. The company is listed on the Australian Securities Exchange and the Stock Exchange of Hong Kong. Yancoal operates coal mines across New South Wales, Queensland and Western Australia, producing both thermal and metallurgical coal.
The sellers in this transaction are EMR Capital Advisors Pty Ltd., Kestrel Coal (EMR) Limited, EMR Capital Management Limited, and Adaro Capital Limited. The target company, Kestrel Coal Group, currently holds an 80% stake in the Kestrel Joint Venture, which operates the Kestrel Coal Mine in Queensland. This mine produces metallurgical coal as its main product, along with smaller quantities of thermal coal.
Neither the acquiring company nor the target company has any direct operations or offices in India. Yancoal’s connection to India is limited to coal exports by its affiliates. Kestrel Coal’s only link to India involves selling metallurgical coal through the Kestrel Joint Venture. The target company conducts no other business activities in India in any form.
What this means for you
For Indian coal importers and industries that use metallurgical coal, this approval suggests continuity in coal supply chains. Since the transaction involves overseas companies with minimal Indian operations, it will not directly affect domestic coal mining or employment in India. The CCI’s clearance indicates that the deal does not raise competition concerns in Indian markets based on the companies’ current business scope in the country.