September 06, 2008

Godawari Power & Ispat takes ex CIL chairman on board

Godawari Power & Ispat Limited has announced that its board of directors, at its meeting held on September 25th 2007 has appointed Mr Shashi Kumar ex chairman of Coal India Limited and Mr Biswajit Choudhary ex CMD of United Bank of India as non executive independent directors on the board of the company.

Its board also approved the capital expenditure program for setting up following facilities at a cost of INR 235 crores
1. Iron ore crushing plant with a capacity of 1.2 million tons per annum
2. Iron ore beneficiation plant with a capacity of 0.10 million tons per annum
3 Iron ore pelletization plant with a capacity of 0.60 million tons per annum
4. Railway siding and other infrastructure development etc

The projects shall be partly financed by rupee term loan or external commercial borrowings from the banks upto INR 150 crores and partly financed by way of fresh issue of equity capital upto INR 100 crores either in the form of QIP issue or by preferential allotment or in any other form as may be decided in consultation with the investment bankers.