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Steel

Ennore Coke to raise Rs125 cr through PE

12/30/2009 1:57:00 PM

Haldia, Dec (EPC News): Haldia Coke and Chemicals Ltd, is planning to raise Rs125 crore through private equity, said company source.

The money will be used to buy a 90% stake in an Australian mining and to expand its facilities at Haldia and Orissa.

The target company has reserves of 30 million tonnes of coking coal. The company expects to complete the acquisition by mid June 2010. Presently, logistics’ due diligence is on. Once it is over we will complete the acquisition.

The company is also planning to double capacity at its Haldia and Orissa plants to 260,000 tonnes and 160,000 tonnes respectively. In Haldia, the company is planning to increase power generation capacity to 24 MW from 12MW and in Orissa it is planning to set up a new power plant with a capacity of 8 MW.

EPC News Bureau