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ONGC deal blow shatters Great Eastern listing plan

12/11/2014 | 08:33am US/Eastern

Kolkata: It's end of the road for country's first coal-bed methane (CBM) gas producer Great Eastern Energy Corp's plans to get listed on domestic bourses for now.

The Y K Modi group company, which has been producing and fast ramping up output at its CBM block Ranigunj South in West Bengal for past several years and already listed at the London Stock Exchange, has decided to call off its plan for domestic listing nine months after getting its draft prospectus approved by the market regulator Sebi in March.

"The management has taken a decisive action to shelve the Indian IPO process," Prashant Modi, CEO, Great Eastern Energy has told LSE investors.

The company has challenged the decision of ONGC in October to call off sale to Great Eastern of 25% participating interest in Ranigunj North, a CBM block lying next to Great Eastern's own operating field, he said.

Great Eastern chairman Y K Modi had earlier disclosed to dna that the company has received a letter from ONGC that decided to call off the sale process without assigning any reason.

ONGC undertook a competitive bidding process in January 2013 to divest 25% of its stake in Ranigunj North having a gas in place reserve of 1.5 trillion cubic feet.

ONGC's rejection of the deal is the second set back for Great Eastern.

In 2011, the company received a licence to explore CBM at Mannargudi in Tamil Nadu and a production sharing agreement was signed.

Credit:Sumit Moitra

(c) 2014 @ 2014 DILIGENT MEDIA CORPORATION LTD. ALL RIGHTS RESERVED

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