cited Gujarat NRE Coking Coal chairperson and CEO Jasbir Singh said the company received a number of redundancy applications, and 47 of these had been accepted following perusing each application.

"The company has been through a difficult time with coal prices remaining low for an extended period of time and reduced production resulting in severe cash flow issues," Singh added.

"The recent investment of over $110-million from its new majority shareholder, Jindal Steel and Power, has allowed the company to revive its cash flow issues," Singh continued.

Over the past three months, the company is making significant effort to restore and improve the current operations as well as continuity of mining operations to maximize employment.

"The market conditions are yet to improve, and it is absolutely critical for the company to keep its cost down in order to be competitive."

Currently, Gujarat NRE Coking Coal is evaluating the potential restructure as well as relocation of the workforce over its two mines in New South Wales, Australia.