Credit rating agency, CARE has retained ‘AA-’ rating on Rs 726.39 crore long term bank facilities of Gujarat NRE Coke. The rating agency has also retained PR1+ rating on Rs 1,230 crore short term bank facilities of the company. Further, the company has reaffirmed PR1+ rating assigned to Rs 100 crore commercial paper of the company.
The said ratings continue to draw strength from long track record of the company, experience of the promoters, company’s leadership position in the Low Ash Metallurgical Coke (LAMC) industry, reputed clientele, inherent advantages of sourcing of coking coal from mines owned by its subsidiaries, successful operation of the steel unit, moderate financial position, improvement in equity base through infusion of funds by the promoter and improving outlook for LAMC industry in both international and domestic arena.
Gujarat NRE Coke is the largest producer of metallurgical coal, also known as met coke. It is the only Indian company which has coking coal mines in Australia.
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