Business Daily from THE HINDU group of publications
Tuesday, Aug 12, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Aug 12, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Overseas Investments Gujarat NRE Minerals to raise $100 m Our Bureau Kolkata, Aug. 11 Gujarat NRE Minerals Ltd, the Australian outfit of Gujarat NRE Coke, will raise $50-100 million through a mixture of debt and equity to part finance its ongoing $500-million project to develop two coking coal mines in Australia. GNML is listed in the Australian Securities Exchange. “GNML is planning to raise anything between $50 and $100 million (approximately Rs 210-420 crore at the current exchange rate) through a mixture of debt and equity to fund the mine development plan,” Mr Arun Kumar Jagatramka, Vice-Chairman and Managing Director of Gujarat NRE Coke, told newspersons today. According to him, funds may be raised either through issue of convertible bonds or debentures or equity placement to investors. Australian minesGujarat NRE owns two coking coal mines in News South Wales in Australia estimated to produce up to 7 million tonnes coking coal following completion of the development programme in 2012-13. The coking coal will be converted into coke at Gujarat NRE Coke’s facilities in India. The company, at present, produces 1 million tonne coke from three facilities in Gujarat and Karnataka. An additional 0.25 million tonne capacity is being commissioned at Dharwad in Karnataka. The plant will be operational in March 2009. To further ramp up coke manufacturing capacities the company recently announced plans to set up a greenfield one-million tonne coke manufacturing facility at Nellore in Andhra Pradesh. More Stories on : Overseas Investments | Coke & Metalurgical Coke
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