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Prashant Modi: Cleaner Indian Gas for use in Industry
Prashant Modi was the President of Great Eastern Energy Corp Ltd and at present he is Managing Director of GEECL from September 2015. He graduated at Boston University, with a BSc in Business Administration, and majored in Finance. Ever interested in new business ventures and financial issues, Prashant Modi later attended the Harvard Business School, to further his knowledge on both subjects. He has a long association with GEECL, dating back to 1996.He joined the Y.K. Modi Group after working for ANZ Bank, in London, and also in San Diego. Prashant Modi is also the Chief Executive Officer at GEECL. He oversees the smooth running of the corporation, by supervising operations.
Coal Bed Methane for Commercial Use
Great Eastern Energy Corp Ltd is a pioneering Indian enterprise. It was the very first corporation of this kind in India, to produce Coal Bed Methane (CBM) for commercial use. CBM is considered to be a cleaner alternative to natural gas, as it contains little carbon dioxide and no sulphur. Natural gas typically also contains other pollutants such as: Butane and Propane. CBM is therefore a more ecologically viable option, for industrial companies looking to reduce their carbon dioxide emissions. It contains 96 per cent methane gas.
Gas farming began in West Bengal, during July of 2007. Production at this time was just over 1.5 cubic feet of gas every day. Initially only: a glass factory and a biscuit factory were regularly supplied with the gas. An agreement was signed the same year, by GEECL to sell compressed natural gas, from Indian Oil Corp’s Western Bengal outlets. Indian Oil is a well established, petroleum sector giant in India. The first outlets supplying Natural Gas were opened to motorists in November of 2007.
Prashant Modi at GEECL
During the first part of this year, the company has enjoyed considerable growth. This has been evident in terms of: • Profits. • Production. • Revenue.
Indian gas is in high demand, and this looks set to continue into the future. GEECL now has 108 wells producing gas for distribution to industrial businesses. In approximately 25 years, when the supply of CBM runs out, there are plans to mine coal at the current site instead.
