Gujrat NRE Coke (GNCL), the largest independent producer of met coke in India, announced the sale of its wind business for a total consideration of Rs 2.19 billion.

The company said, "The shareholders of GNCL have approved the sale of 62 wind mills in Gujrat of a total wind power energy production capacity of 87.5 MW for Rs 2.19 bn."

"The said sale is subject to a complete due diligence by the buyer of the business and approval from the relavant authorities and the lenders of GNCL," it added.

Arun Kumar Jagatramka, Chairman and Managing Director of the company said, "With the expected upturn in the country's industrial scenario, we expected to ramp up our capacity utilization in the near future. The proceeds of the sale will help in improving our cash flows thereby helping in the faster revival of the company's operations."

Shares of the company declined Rs 0.01, or 0.32%, to settle at Rs 3.16. The total volume of shares traded was 412,918 at the BSE (Monday).