Gujarat NRE to Raise $100 Million to Develop Australian Coal Mines

BANGALORE, INDIA--August 15, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Gujarat NRE Minerals Limited (Illawarra, Australia), the Australian subsidiary of Gujarat NRE Coke Limited (BOM:512579) (Calcutta, West Bengal), has announced plans to raise between $50 million and $100 million through a mixture of equity and debt to develop and enhance the production of its coal mines in Australia. The company plans to initiate significant expansion activities at the mines to boost production levels to 7 million tons per year from the present 1 million tons per year over a period of four years.