| (Press
Release, April 12, 2004)
CARE,
the premium national credit rating agency, has upgraded Gujarat
NRE Coke Limited�s NCD RATING FROM A+ to AA- for the company�s
proposed Rs 25 crore value NCDs. Instruments carrying this
rating are judged as that of 'high quality' by all standards
and are classified as 'high investment' grade.
At
a time, when high demand of the product is witnessing an upward
trend in the prices globally, NRE coke has already began implementing
an ambitious expansion plan. The company recently completed
restructuring its entire financial portfolio, retiring old,
high cost debts and puffing a cap on the out go in the form
of financial charges. With these steps in place, Gujarat NRE
Coke is now all set to infuse fresh capital with the aim to
add to its production capacity.
NRE Coke has proposed to place privately the Rs. 25 crore
worth of NCDs to part finance its ongoing expansion at Kandla,
Gujarat. Commenting on the upgrade of rating by CARE, Arun
Kumar Jagatramka, Managing Director, Gujarat NRE Coke said.
�We constantly endeavour to evolve long term plans factoring
in all possibilities. The financial burden that we have proposed
to take in the form of fresh capital, will therefore, only
go to strengthen our performances further. The high rating
granted to our company�s proposed NCDs by an institution like
CARE also bears testimony to the fact�.
Gujarat NRE Coke Limited (GNCL) is the largest manufacturer
of low ash metallurgical coke in India. GNCL currently has
a plant in Jamnagar (Gujarat) and is setting up its second
production facility, a Greenfield plant near Kandla, also
in Gujarat. The Kandla plant, situated near the port head
in Kandla will offer GNCL an excellent location advantage
to access imported Australian and South African Coking coal,
its principal raw material. On the other hard, by virtue of
Kandla's excellent road-rail connectivity, the coke-hungry
North Indian market will also be opened up to the Company
and will accord it with great cost saving options making it
products even more attractive to the buyers.
For more information visit our website www.gujaratnrecoke.com |
