Kolkata, 6th April 2011: Gujarat NRE Coke Ltd has received conversion notices for the balance outstanding 174 – Zero Coupon Unsecured Foreign Currency Convertible Bonds (FCCB) of USD 100000 each out of its total issue of 600 FCCBs aggregating to USD 60 million issued in 2006. Consequently, this FCCB issue has been fully converted by the bondholders. The previous issue of 2200 - 1% Unsecured Foreign Currency Convertible Bonds of USD 25000 each aggregating USD 55 million of the Company, issued in 2005 was also fully converted by its bondholders.

Mr Arun Kumar Jagatramka, Chairman & Managing Director of Gujarat NRE Coke Ltd said, “We have always delivered phenomenal returns to our long term investors and such full conversion of our FCCBs (both issues) reflects the immense confidence of foreign investors in our company. Coking Coal and Met Coke are in high demand globally and at the same time face a severe short supply. The criticality of coking coal and met coke has triggered a steep rise in prices. The price of coking coal has risen to record levels with the contracted price of coking coal for the current quarter settling at the peak rate of USD 330/ tonne. The price of met coke has also shot up and is presently hovering at USD 540/tonne.”

“We at Gujarat NRE are rightly poised to take benefit of this increasing demand supply gap, as well as the high pricing regime of coking coal and met coke. We are increasing our met coke production capacity from current 1.38 MTPA to around 4 MTPA by 2014/15. In Australia as well, we have undertaken an extensive mine development plan to increase production of coking coal to 6 MTPA by 2014/15 from current level of 1.5 MTPA, to become one of the top 10 hard coking coal producers in the world,” said Mr Arun Kumar Jagatramka. “We are focused on long term growth and are happy with the progress made during last 12 months.” added Mr Jagatramka.

About Gujarat NRE

Gujarat NRE Coke Ltd, (GNCL), the flagship company of Gujarat NRE group, is the largest independent met coke producer in India having an installed capacity of 1.38 MTPA. GNCL is the only Indian company to own and operate coking coal mines in Australia having around 625 MT of Coking Coal resource with excellent coking properties. The Company has also set up windmills with capacity for producing 87.5 MW wind power energy and is setting up power plants that will generate 60 MW out of waste heat emanating from coke making process.

For more information please contact:

Mr Sutirtha Roy at +(91) 98790 19880 or mail at [email protected]