JSPL takes over Australian miner from Gujarat NRE Coke.

Jindal Steel & Power Ltd. (JSPL) has taken over management control of Australian metallurgical coal miner Wollongong Coal Ltd. (WCL) from the original promoters - Gujarat NRE Coke.

WCL, formerly Gujarat NRE Coking Coal Ltd. (GNCCL), is now a subsidiary of JSPL.

Navin Jindal-controlled JSPL is investing A$45 million for around 45 per cent in the company.

It has changed the management team and Gujarat NRE Coke representatives have left the WCL board.

JSPL, which did not announce the take over, declined to comment on the development.

In an e-mail reply to Business Line, a JSPL spokesperson said that as the JSPL board would consider and approve annual accounts and consolidated financial statements for the financial year 2013-14 on April 29, 'the management of JSPL is not in a position to comment on any queries related to the company's performance'.


HBL