Gujarat NRE joins hands with Aussie firm

Gujarat NRE Coke Limited has acquired exploration rights for oil and gas for over 10,000 sq km in the canning basin in Western Australia.

An agreement to this regard was signed by the company with Rey Resources, an Australian oil and gas exploration company, on September 26.

The company would now hold 90 per cent of ownership in Rey Resources and plans to invest around Rs 20 crore in the exploration project over a period of five years.

"At present, we are concentrating on developing business in Australia and New Zealand. The blocks acquired for exploration are located around blocks, which have struck oil in the recent times which has sent positive signs for the company," said Arun Jagatramka, chairman and managing director, Gujarat NRE Coke. The exploration is set to commence in a year, he added.

Back home, the company plans to invest Rs 150 crore in the next one-and-a-half years for captive power plants that will use the waste heat generated from coal, said Jagatramka.