Gujarat NRE buys 49 pc in Aussie firm
(The Economic Times, Ahmedabad, November 1, 2005)

Gujarat NRE Coke on Monday said it had bought 49 per cent of Australian mining firm Plouton Resources for an undisclosed sum. A group company, Gujarat NRE FCGL, would have first right of refusal on any marketing agreements for Plouton products and priority in equity participation in new projects, it said. Gujarat NRE had last week picked up a 19.9 per cent stake in Sydney-based Rey Resources Inc. to augment its coke supply, which gave it first right of refusal to buy Rey's minerals. The Indian company has been building Australian partnerships to shore up its coal reserves to meet rising demand for coking coal among India's growing steel, aluminium and copper sectors.

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