Indian Prabha Raises $20mn to Develop CBM

Indian private sector firm Prabha Energy, a subsidiary of Deep Industries, has raised $20mn from Tridevi Capital Partners via the sale of a stake in order to develop its coalbed methane block in eastern Indian state of Jharkhand.

Prabha holds 25% participating interest in the North Karanpura block while the rest is owned by state owned ONGC. In June, ONGC said it plans to make substantial investments to develop its four CBM blocks, North Karanpura being one of them.

Currently, only two companies in India are producing CBM, GEECL from its Raniganj (South) block and Essar Oil’s from its Raniganj (East) block. Reliance Industries is expected to commence production by 4Q 2017.

Shardul Sharma