| The company posted a turnover of Rs 140 crore in the last October-September fiscal year and is aiming to more than double the turnover to Rs 350 crore by the end of September this year. |
| The Jamnagar plant has a capacity of three lakh tonnes a year. Gujarat NRE Coke is aiming to double the capacity by December 2004 when the new plant at Kandla will become fully operational. |
| "The company will invest Rs 55 crore in the new plant at Kandla. The work for this has already begun. The new plant will become fully operational by December this year," said Arun Kumar Jagatramka, managing director of the company. |
| He said Rs 25 crore will be raised through non-convertible debentures and the remaining amount through a mixture of internal accruals and a rights issue. |
| Credit rating agency CARE has upgraded the rating for Gujarat NRE Coke's proposed Rs 25 crore non-convertible debuntrues from 'A+' 'to AA-'. |
| Instruments carrying this rating are adjudged as those of 'high quality' and classified as 'high investment grade.' |
| The managing director said the company recently completed restructuring of its entire financial portfolio, retiring old, high-cost debts and putting a cap on the outgoing the form of financial charges. |
| With these steps in place, Gujarat NRE Coke is now all set to infuse fresh capital to add to its production capacity, he said. |
| On the CARE rating upgrade, Jagatramka said, "We constantly endeavour to evolve long-term plans factoring in all possibilities. The financial burden that we have proposed to take in the form of fresh capital, will therefore, only go to strengthen our performance further. The high rating granted to our company's proposed debentures by an institution like CARE also bears testimony to that fact." Gujarat NRE Coke is the largest non-captive manufacturer of low ash metallurgical coke in India. |
| The product is used mainly in the steel industry along with soda ash manufacturing and foundry units. |
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