Gujarat NRE Coke - increase in FII limit

Gujarat NRE Coke Ltd has announced that Reserve Bank of India vide its Press Release dated January 08, 2008 has notified that FII's can now purchase equity shares of M/s. Gujarat NRE Coke Ltd through primary markets and stock exchanges in India upto 74% of the paid up capital of the Company. This will pave the way for increased participation by foreign investors who are keen to join and Share in the prosperity of the Company.

Gujarat NRE Coke in India largest independent producer of metallurgical coke. It is the only listed entity in the domain in India arid its script is highly sought after as it is the only Indian Company to own and operate Coking coal mines in Australia. It will not be out of place to point here that, with alternative supply sources for Coking coal and coke drying Up - especially in view of the fact that China is slowly and steadily moving towards a regime of controlled exports through the imposition of export taxes, the demand for and the Prices are both showing a steep upward trend - in India and across the globe.

Gujarat NRE Coke, integrated from the mine to market will naturally benefit from the met coke prices hitting a record high this January and in this context, the move to allow FII's to raise their holdings in the Company assumes a lot of significance.