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Gujarat NRE looking to change name to Wollongong Coal

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Gujarat NRE looking to change name to Wollongong Coal

Looking to leave a horror year behind, Gujarat NRE is planning to change its name to Wollongong Coal Ltd.

The name-change is set to be discussed at the company’s annual meeting next month where shareholders will vote on whether to adopt the new title.

The change will only come into effect after the Australian Securities and Investments Commission amends details of the company's registration.

No reason was given for the proposed name change, however the miner has seen a troubled 12 months which included workers at the company’s Russell Vale and Wongawilli mines going without pay for close to two months.

Jindal Steel took over ownership of Gujarat in October and since then has invested over $110 million to keep the coal miner afloat.

Earlier this month 47 voluntary redundancy packages were handed out by the company as it implemented plans to cuts its workforce by 20 per cent.

The miner is now calling for a further 13 VRs to ensure “the ongoing financial stability of the company”.


 

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