Gujarat NRE Coke Ltd to sell wind business for Rs 218 cr

Gujarat NRE Coke Ltd, one of the largest independent producers of met coke in India, has entered into an agreement to sell its wind mill business for a consideration of Rs. 218.75 crores. The said sale is subject to a complete due diligence by the buyer, whose name was not disclosed by Gujarat NRE. The wind business comprises 62 wind mills in Gujarat having a total power energy production capacity of 87.5 MW.
 
Arun Kumar Jagatramka, chairman and managing director, Gujarat NRE Coke Ltd, said, “With the expected upturn in the country’s industrial scenario, we expect to ramp up our capacity utilisation in the near future. The proceeds of the sale will help in improving our cash flows thereby helping in the faster revival of the company’s operations.”
 
Gujarat NRE Coke, which has its met coke plants at Khambhalia and Bhachau in Gujarat and Dharwad in Karnataka, has an installed capacity of 1.5 million tonnes per annum. The company also has a mini steel mill in Gujarat to recycle steel scraps to manufacture TMT bars. Gujarat NRE is currently setting up 30-MW power plants out of the waste heat emanating from the coke making process.