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.
This article was first published on Livemint.com