Haldia Coke raises Rs125 crore in PE funding

Chennai: Integrated merchant met coke producer Haldia Coke & Chemicals Private Limited, has raised Rs.125 crore from India focused private equity fund Gaja Capital Partners.

 The investment by Gaja Capital Partners will enable Haldia Coke to double its manufacturing capacity of metallurgical coke which is in short supply in India.

Haldia Coke owns its met coke plants and captive coking coal mines. It owns an 80,000 metric ton per annum capacity met coke plant at Nergundi in Orissa through its wholly owned subsidiary Wellman Coke Ltd.

In addition, Haldia Coke holds a 60.86-per cent stake in Ennore Coke Limited which owns a 130,000 metric ton per annum capacity met coke plant and a by-product power plant at Haldia in West Bengal.

Haldia Coke also holds two coking coal mines in West Virginia and Arkansas, USA with combined production capacity of 423,000 ton per annum and extractable reserves of 25 million MT.

Haldia Coke will utilise the raised funds for expanding its mining, metallurgical coke and power production capacity.

''We are optimistic about our prospects in the metallurgical coke business due to the growth in Indian infrastructure and the resultant strong growth in several industrial segments including the steel sector," said T Shivaraman, managing director of Shriram EPC Limited on the new funding.

Haldia Coke is promoted by Shriram EPC Ltd and other associates.