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Ambar Singh Roy

Kolkata , Jan. 26

GUJARAT NRE Coke Ltd, which operates the largest non-captive coke plant in the country, is forging a joint venture with Kalyani Steel for setting up a 3.24 lakh tonne per annum capacity coke manufacturing plant in Karnataka at an estimated investment of Rs 45 crore.

According to Mr A.K. Jagatramka, Managing Director of Gujarat NRE Coke Ltd, the project has received the single window clearance from the state-level committee of Karnataka.

While the initial installed capacity would be 3.4 lakh tonne per annum, the plant would have the provision to ramp up the production capacity to one million tonne per annum in a phased manner at a later stage.

Speaking to Business Line, Mr Jagatramka said that the joint venture company would have an equity stake of Rs 24 crore. Gujarat NRE Coke shall have 60 per cent of the equity stake in the joint venture while Kalyani Steel will have the balance 40 per cent. Work on the project is slated to begin next month and the plant is expected to be commissioned by October 2004.

Gujarat NRE Coke, which operates a three lakh tonne per annum capacity coke manufacturing plant in Jamnagar, Gujarat, is also setting up another 3.4 lakh tonne per annum capacity coke plant in Kandla, Gujarat, at an estimated investment of Rs 45 crore. The project cost will largely be met by funds generated from internal accruals. Production from the proposed plant is expected to begin from April 2004.

Mr Jagatramka said pig iron, soda ash and foundry units were among the consumers of coke produced by Gujarat NRE Coke. The total domestic demand for coke annually has been pegged at 22 million tonne even as the total production of coke in the country is stated to be 18 million tonne. The shortfall is met by way of imports from China.

Gujarat NRE Coke, which recorded a turnover of Rs 140 crore during the year ended September 31,2003, is hopeful of achieving a turnover in excess of Rs 200 crore during the year ending September 31, 2004, according to Mr Jagatramka.

More Stories on : Alliances & Joint Ventures | Coke & Metalurgical Coke | Steel

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