India: Gujarat NRE Coke to sell all its windmills for $33m

Photo: Pramugdha/Dealstreetasia

Gujarat NRE Coke Ltd on Monday said its board has approved a plan to sell its 62 windmills in Gujarat for $33 million (about Rs. 218.75 crore), subject to satisfactory due diligence.

The mills have a power production capacity of 87.5 megawatts (MW).

The company said it has been successful in entering into agreements for sale of the entire windmills business, but did not disclose further details or name of the buyers. The sale will help the company’s corporate debt restructuring (CDR) efforts. Its consolidated debt stood at Rs.3,011.11 crore as on 31 March.

“With the expected upturn in the country’s industrial scenario, we expect to ramp up our capacity utilization 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,” said Gujarat NRE Coke chairman and managing director Arun Kumar Jagatramka.

Gujarat NRE Coke is the flagship of independent met coke producer Gujarat NRE Group.

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This article was first published on Livemint.com

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.