Great Eastern Energy Corp Ltd (GEECL) which is led by Prashant Modi is a London-listed entity, engaged in natural gas production in West Bengal, India. The Prashant Modi company is set to declare its first annual profit, according a report on Reuters. GEECL extracts and sells natural gas from the coal bed methane (CBM) to the industrialists.
Their business model is business and environmental friendly. GEECL’s proposition is to cut down heavy manufacturing cost involving machineries which are run suing expensive fuel. This gas is delivered using GEECL’s pipelines.
Although CBM field is too small in India to attract bigger industries, but GEECL has made a big impact in producing environmental friendly natural gas.
India’s import of Liquefied Natural Gas (LNG) production has been increasing with every passing year. GEECL’s business model can be an effective way to beef up natural gas production to meet demands.
UK institutional shareholders have financed the company since its listing in 2005. In a recently held meeting of shareholders, the company decided to raise funds by listing it on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). 8 million new shares will be offered and the funds raised will be utilized in drilling and well development.
GEECL offers his customers gas delivered via its own 100 kilometer pipeline network to the steel works and food processors of Asansol, Raniganj and Durgapur.