Gujarat NRE To Generate Cheapest Power
(Energy Times, Kolkata, July 5-11, 2005)

Kolkata based fast developing largest non-captive metallurgical coke company Gujarat NRE Coke Ltd (GNCL) will generate cheapest power at Rs. 1 per unit in its 20 MW power plant scheduled to be operative by December 2006 in Gujarat.

The plant is being set up at the cost of Rs. 80 crore. This will adopt waste heat recovery system and use waste heat as fuel. The GNCL is paying Rs.5 per unit for the power it needs.

The Gujarat NRE is also setting up a 3 lakh tonne per annum steel rebar production plant at Gandhidham in Gujarat at the cost of Rs. 50 crore.

The GNCL has been breaking news from time to time for a couple of years. Recently it acquired a 30 percent stake in Zinico Resources NL, an Australian mining company having exploration license in iron ore and other base metals, at the cost of Australian $1.5 million.

Third Acquisition

The GNCL�s spree continued this week as it surprises the industrial circles by taking over the third coal mine in Australia in last 6 months.

The company has taken on lease the entire old Avondale Colliery and part of Huntley Colliery in coalfields of New South Wales, Australia where Australian $80 will be spent on acquisition and development of mines.

In market capitalizations of metal sector�s top companies, Gujarat NRE occupied 3rd place with 534 per cent increase in return over last year. In four quarters ending December 2004, the Company earned profit of Rs 114 crore against Rs 20 crore in the same period of 2003. The management of the Company shared the huge earning with shareholders by offering 1:1 bonus and increased dividend.