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Our Bureau

Thanks to its controlling stake in Zelos Resources

Ahmedabad. Nov. 28

The rechristening is over. Zelos Resources NL (ZCO), a limited company listed on the Australian Stock Exchange (ASX), is now officially "Gujarat NRE Resources NL" (GUJ).

Last week, the shareholders of Zelos passed the resolution giving effect to Gujarat NRE Coke taking a controlling (85 per cent) stake in the company, now renamed, the company said in a release here today.

The move will make the Gujarat NRE Group only the second from India to have a listed presence on the ASX and thus accord all the attending benefits that accrue to such listing.

The takeover came through when Gujarat NRE sold its Avondale Coal Mine in the Southern Coalfields of NSW, Australia, to Zelos for 170 million shares in Zelos and 130 million options of 20 cents.

These shares constitute about 85 per cent of the equity of Zelos, making Gujarat NRE not only the controlling, but also the largest stakeholder in the renamed company.

GUJ is a resource prospecting company with many licenses to prospect for a cornucopia of metals and minerals that include iron ore, gold, copper and coal in the Tasmanian region of Australia.

The listing of GUJ in the ASX will further strengthen the position and stature of the Gujarat NRE Group in Australia.

Gujarat NRE, the largest manufacturer of Low Ash Metallurgical Coke in the non-captive sector in India, was the first Indian company to own and acquire a coalmine in Australia.

Since then, the Group's association with Australia has grown and today boasts of a number of strategic/cornerstone investments in a wide array of related areas.

The Group has also recently acquired two virgin blocks in the Canning Basin in Western Australia for petroleum prospecting apart from investing in prospecting entities such as Rey Resources, Resource Pacific, Pluton Resources and Pike River Coal Company in New Zealand, the release added.

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