Wollongong, NSW, Australia, 02 November 2011: Gujarat NRE Coking Coal Limited (the Company) as the Borrower with the help of its ultimate parent company Gujarat NRE Coke Limited (GNCL) acting as the guarantor has successfully negotiated and secured a long term facility agreement to the extent of USD 100 million to meet its capex expenditures. The said facility agreement was sanctioned by AXIS Bank Limited, Hong Kong Branch. Requisite formalities in relation to the facility agreement have been completed and the Company has access to the funds made available under the facility agreement.

MThe negotiation of the facility agreement follows the grant of approval by the NSW Planning Assessment Commission to the proposed upgrade of the infrastructure at NRE No.1 Colliery. Speaking on the development, Mr. Arun Kumar Jagatramka, Executive Chairman of the Company said “The grant of the facility agreement on the back of the approval granted by the NSW Planning Assessment Commission represents another significant milestone for the Company.”

For further information, please feel free to contact the undersigned.

Mr Sanjay Sharma, Company Secretary & Chief Commercial Officer
[email protected] or call him at 02 4223 6836