Gujarat NRE buys in New Zealand's Pike River

Gujarat NRE Coke has picked up a stake in New Zealand Oil and Gas subsidiary, Pike River Coal Company for Rs 57 crore.

According to an official release issued to the BSE today, the company has also contracted to take 4 lakh tonne per annum (tpa) of Pike River's premium hard coking coal.

"The unique low ash and low phosphorus levels, top-of-the-range plasticity (fusibility) and strong coking properties of Pike River coal will allow the company to develop coke with the performance characteristics sought by  makers of high-quality steel," Arun Kumar Jagatramka, vice chairman and managing director of Gujarat NRE, said.

Jagatramka would be appointed to the board of Pike River after the completion of the planned IPO, the release said.

"Our aim is to secure the hard coking coal resources to meet the demands of our Indian customers and those in other countries," Jagatramka said.