Gujarat NRE Coke to provide Rs 1,000 cr to Australian arm

New Delhi, Oct 23 (PTI) Coal miner Gujarat NRE Coke
Saturday said it will provide a financial assistance of up to
Rs 1,000 crore to its Australia-based subsidiary for mine
development activities.
The board of the company at its meeting held on October
21 has approved to issue guarantee for an amount not exceeding
USD 200 million, or Rs 1,000 crore, to be availed by Gujarat
NRE Coking Coal for development activities, Gujarat NRE Coke
said in a filing to the Bombay Stock Exchange.
The proposal is subject to shareholders approval, it
said.
The amount would be used by India's Gujarat NRE Coking
Coal for developing its coking coal mines in Australia.
".....to issue Securities (including Foreign Currency
Convertible Bonds) in one or more tranches, for an amount not
exceeding USD 200 million or Rs 1000 crore whichever is
higher subject to the approval of shareholders," the company
said.
Besides, the company also said that Rajendra Prasad Jain
has resigned from the post of Executive Director citing health
reasons.
Last week the company has announced its plans to invest
USD 450 million in its coal mines in Australia to take its
total annual production capacity to six million tonnes in the
next five years, besides creating 150 new jobs.
Gujarat NRE Coke, the country's largest independent
producer of metallurgical coke-- which is processed from
coking coal-- has two coking coal mines in Australia, with an
annual production capacity of 2 million tonnes. PTI