JSW Steel Ltd is in talks with Australia's Whitehaven Coal to buy a 20% stake in its Blackwater mine for around $1 billion, two people aware of the matter said.
The companies are yet to decide on the final valuation. If the parties reach an agreement, a deal is likely by the end of March, the people said on condition of anonymity.
JSW Steel's talks with Whitehaven follow its failed bid to acquire a majority stake in the metallurgical coal business of Canada's Teck Resources in 2023, which was snapped up by mining and trading major Glencore.
A JSW spokesperson declined to comment, while Whitehaven did not respond to emailed queries.
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