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14 May 2010
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Ahmedabad May 14 Gujarat NRE Mineral Resources Limited (GNMRL), which holds the controlling 33 percent stake in India's largest independent producer of merchant coke, Gujarat NRE Coke Ltd (GNCL), is planning to be listed on Indian stock exchanges in the current fiscal. The company is planning to give trading rights to its 12,000 shareholders, as it announced a rights issueaimed at raising Rs 119.33 crore, offering 23.86 crore shares to its existing shareholders at an issue price of Rs 5 per equity share. The details of the proposed IPO are not yet finalized, but the company is confident about a successful Initial Public Offer (IPO) Speaking to media personnel on the sidelines of rights issue announcement on Thursday in Ahmedabad, Arun Kumar Jagatramka, chairman and managing director, GNCL, said that We are looking at listing GNMRL in India by the end of this year, further throwing light on the proposed IPO, he said that We have not yet decided on the size of the issue and the number of shares to be offered to the investors. The details are being worked out. GNMRL's subsidiary, GNCL is the largest merchant coke producer in India, with 2 coke plants in Gujarat and Karnataka and a combined capacity of 1.36 million tones. The company also plans to raise capacity of its foreign plants, Gujarat NRE Coking Coal Ltd (GNCCL), the Australian subsidiary of GNCL, which owns and operates 2 coal mines in Australia with a combined coal resources of over 560 million tones is looking to raise its output. Jagatramka said that Last year, the company achieved a coal production of 1.20 million tonnes from these two mines, which we plan to raise to 2.2 million tonnes in 2010-11 and it would be further scaled up to 3 million tonnes in 2011-12. The company targets to raise its production capacity in Australia to 6 million tonnes by 2014, and they plan to invest $ 500 million. He said that they have so far invested $ 100 million and another $100 million was approved last week by the company to increase the production. GNCL plans to raise its coke making capacity in India too. The company plans to add 0.32 million tone capacity of its Bhachau unit in Gujarat at an Investment of Rs 600 crore and invest in 1 million tone capacity Greenfield project in Andhra Pradesh at an investment of Rs 800 crore (this also includes setting up a 60-MW power utility). Jagatramka said that We want to increase the capacity of our Bhachau unit in Gujarat to 1 million tonnes from present 0.68 million tonnes with an investment of Rs 600 crore. The investment also includes a cost for power project. In addition to this, the company is also setting up a green field project having production capacity of 1 million tonnes and a power plant in Andhra Pradesh with an investment of Rs 800 crore. |
| Source: Religare Technova Type: IPO Related |
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