Greenearth Resources and Projects Limited
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BSE Code:
533016
NSE Code:
AUSTRAL
Business Profile
Business Profile
Austral Coke & Projects, incorporated on Apr. 22, 1994 as a public limited company, is engaged in the manufacture and sale of coke and refractory products, and in the business of equipment rentals and textile trading. Earlier known as NRE Stocknet, it got its present name on Sep. 14, 2005.
Shri Hanuman Investments and Anarcon Resources are corporate promoter companies and Gremach Infrastructure Equipments & Projects, Armstrong Infrastructure and Projects, Austral Infrastructure, Gremach Infrastructure, Wallford IndiaInfrastructure Reality, and Astra Energy SARL, Republic of New Guinea are other group companies.
The ISO 9001:2000 and ISO 14001:2004 certified company manufactures low ash metallurgical (LAM) coke and has started manufacturing refractory products. It also deals in trading of textiles and rentals of construction and earthmoving machineries to medium and large construction companies. LAM coke is used as a reducing agent in blast furnaces for reducing iron ore into hot metal in steel, zinc smelters, foundries, cement and ferro-alloy industries.
Currently, the coke plant located in the Kutch district of Gujarat has capacity to produce 375,000 MTPA coke. The company has initiated expansion plans to expand capacity and set up an 8 MW captive power plant project. The refractory division has its manufacturing unit located in the Bhuj district of Gujarat and has started manufacturing refractory products with cutting-edge technology in a phased manner.
In FY07, 75% stake in 11 coal mines was acquired by Gremach Infrastructure in Mozambique to provide feedstock security for the company. Astra Mining Limitada (Mozambique), a subsidiary company, acquired six prospective licenses admeasuring 100,000 hectares in Mozambique, which would provide raw material security.
The registered office is located at Diamond Chambers, 4, Chowringhee Lane, Block No. 2, 7th Floor, Unit No.-7-I, Kolkata-700016.
Recent Developments
01-AUG-08
Austral Coke & Projects is coming out with an initial public offering (IPO) of 7.26 million equity shares on Aug. 07, 2008. The IPO will have an additional green shoe option of 1.089 million shares. The price band for the shares with a face value of Rs 10 each has been fixed between Rs 164 and Rs 196 per share. Constituting 27.72% of the fully-diluted post issue capital of the company, the issue closes on Aug. 13, 2008. The shares of the company will be listed on both the BSE and NSE.
Future Plans
The company plans to utilize the proceeds from the initial public offering to
-Set up a 150,000 MTPA LAM coke plant at Sindhudurg in Maharashtra.
-Set up an 8 MW captive power plant at Sindhudurg in Maharashtra.
-Acquire coal mines to acquire more prospecting mining licenses and also to start mining in acquired licenses.
-Prepayment of high cost debt.
The company plans to increase the current capacity of 375,000 MTPA coke upto 525,000 MTPA by FY09.