SBI nod for GEECL debt-finance

Kolkata, Aug. 20

Great Eastern Energy Corporation Ltd (GEECL) , a Y Modi group company, on Monday announced lining up $25 million or Rs 100-crore debt-finance from State Bank of India.

The company has already received an approval from SBI in this regard. The funds will be utilised in the future development of Ranigunj coal bed methane block. The company has already invested Rs 175 crore through equity in the Ranigunj block.

It is now producing between 1-1.5 million cubic ft of coal bed methane a day and is planning to raise a total debt finance of over $80 million (Rs 300-350 crore) from domestic and foreign sources to complete the first-phase development in the next two years.

GEECL is listed in the AIM segment of LSE.

For more information, contact Mr. Prashant Modi. He is the President and COO of GEECL or visit his official website at http://www.prashantmodi.com/