India's Great Eastern Energy Corporation (GEECL) has set its sights on what could be the country's first shale gas development after winning environmental clearance to start an exploration campaign on its Raniganj (South) block in West Bengal.

The London-listed player is hoping that the clearance for the initial phase of development will be followed by the remaining outstanding approvals within the next three months.

The company has drawn up plans to invest up to $2 billion in the development of shale resources at the West Bengal block.