GNMRL to raise Rs 50 cr for ''twin purpose''

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Kolkata, Jan 16 (UNI) Gujarat NRE Mineral Resources Limited (GNMRL) is raising Rs 50 crore for oil exploration in Australia and development of coke manufacturing units in Gujarat.

Talking to mediapersons here today, GNMRL Director Arun Kumar Jagatramka said for this ''twin purpose,'' the company was offering 10,00,00,000 equity shares to its existing shareholders on a rights basis.

Mr Jagatramka said the issue which opened on January 14 would close on January 31.

He informed that GNMRL owned two oil prospecting blocks in the Canning Basin Region of Western Australia and there were oil bearing wells in the immediate vicinity.

Mr Jagatramka said studies conducted by the company have now reached a ''critical stage'' and the company, having resolved issues relating to native titles, environmental considerations and preliminary investigations was now poised to move into the next stage which would involve further analysis of collected data and 3D mapping of the targeted regions.

''According to company estimates, the final process, leading to the actual sinking of wells will involve a further period of one and half to two years,'' he said.

Referring to the coke manufacturing units, Mr Jagatramka said the company has acquired three coke manufacturing units in Gujarat with a combined total capacity of 0.1 million tons.

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