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Geologging Industries Ltd.

BSE: 526630 Sector: Oil & Gas
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Geologging Industries Ltd
NSE 05:30 | 01 Jan Geologging Industries Ltd

Geologging Industries Ltd. (GEOLOGGINGINDS) - Company History

Geologging Industries Ltd formerly known as Geoservices (India), promoted by Manoranjan Sahu, manufactures mudlogging equipment and provides related services. Through the mudlogging units, vital data is collected, which helps in locating potential oil/gas bearing zones. The company diversified into the oil field services segment by entering into a technical and financial collaboration agreement with Geoservices (Eastern), with regional headquarters at Singapore, which in turn is a part of the Geoservices Group worldwide. Geoservices Eastern has operational bases in 15 countries. The collaborator holds a 25% equity stake in the company. It also helps the company to procure plant, machinery and parts. It came out with a public issue in Sep.'94 to fund this diversification. It also intends to undertake another diverisification to manufacture plastic extrusion lines for specialised polystyrene sheets. In 1996-97, it earned a foreign exchange of Rs 4.45 cr. During the year 1999-2000, the PMMA Project which is the company's most ambitious and biggest venture has been completed and has started commercial production. Due to global economic pressures,the turnover of the company has not been up to the mark during the year 2000-01. Another big factor for the poor performance is the competition from local players in the Indian Oil industry.