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Gujarat NRE begins new innings at Australian SE
The rechristening is over. Zelos Resources NL (ZCO), a limited company listed on the Australian Stock Exchange (ASX), is now officially "Gujarat NRE Resources NL" (GUJ).
These shares constitute about 85% of the equity of Zelos, making Gujarat NRE not only the controlling, but also the largest stakeholder in the renamed company.
GUJ is a resource prospecting company with many licenses to prospect for a cornucopia of metals and minerals that include iron ore, gold, copper and coal in the Tasmanian region of Australia.
The listing of GUJ in the ASX will further strengthen the position and stature of the Gujarat NRE Group in Australia.
Gujarat NRE, the largest manufacturer of Low Ash Metallurgical Coke in the non-captive sector in India, was the first Indian company to own and acquire a coalmine in Australia.
Since then, the Group's association with Australia has grown and today boasts of a number of strategic/cornerstone investments in a wide array of related areas.
The Group has also recently acquired two virgin blocks in the Canning Basin in Western Australia for petroleum prospecting apart from investing in prospecting entities such as Rey Resources, Resource Pacific, Pluton Resources and Pike River Coal Company in New Zealand, the release added.
