Gujarat NRE to sell wind mill business

Gujarat NRE Coke today said it will seek shareholders nod to sell its wind mill business as part of the firm's corporate debt restructuring (CDR) efforts.
The company in a regulatory filing said it will hold a postal ballot for seeking approvals of the shareholders.
"To seek enabling authority from the shareholders ... For disposal of its Wind Mill Business, in whole or in parts, in order to comply with requirements of the Letter of Approval of debt restructuring package of the company issued by Corporate Debt Restructuring (CDR) EG," the filing added.
Besides, the firm will also approach the shareholders to seek approval on the scheme of amalgamation of NRE Metcoke Ltd and Bajrang Bali Coke Industries Ltd with itself, the filing further said.

Gujarat NRE Coke has two metallurgical coke plants in Khambhalia and Bhachau in Gujarat and the third plant in Dharwad in Karnataka.
The company has 87.5 MW wind power energy and also has a mini steel mill in Gujarat to recycle steel scraps using green wind energy to manufacture TMT Bars.
Shares of Gujarat NRE today fell by 3.04 per cent to close at Rs 3.19 apiece on BSE.