Gujarat NRE Coking Coal Ltd. as the borrower with the help of its ultimate parent company Gujarat NRE Coke Ltd. acting as the guarantor has negotiated and secured along-term facility agreement to the extent of $100 million to meet its capital expenditures.
The said facility agreement was sanctioned by Axis Bank Ltd., Hong Kong Branch. The necessary formalities in relation to the facility agreement have been completed and the company has access to the funds made available under the facility agreement.
The negotiation of the facility agreement follows the grant of approval by the NSW Planning Assessment Commission to the proposed upgrade of the infrastructure of NRE No.1 Colliery.
Executive Chairman Arun Kumar Jagatramka said, "the grant of the facility agreement on the back of the approval granted by the NSW Planning Assessment Commission represents another significant milestone for the company."
Executive Chairman Arun Kumar Jagatramka said, "the grant of the facility agreement on the back of the approval granted by the NSW Planning Assessment Commission represents another significant milestone for the company."
At the BSE, Gujarat NRE Coke shares are being traded at Rs.24.55, up by 0.20 percent from the previous close.
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