Gujarat NRE Coke Ltd to sell wind business for Rs 218 cr

Gujarat NRE Coke Ltd, one of the largest independent producers of met coke in India, has entered into an agreement to sell its wind mill business for a consideration of Rs. 218.75 crores. The said sale is subject to a complete due diligence by the buyer, whose name was not disclosed by Gujarat NRE. The wind business comprises 62 wind mills in Gujarat having a total power energy production capacity of 87.5 MW.
 
Arun Kumar Jagatramka, chairman and managing director, Gujarat NRE Coke Ltd, said, “With the expected upturn in the country’s industrial scenario, we expect to ramp up our capacity utilisation in the near future. The proceeds of the sale will help in improving our cash flows thereby helping in the faster revival of the company’s operations.”