The Carlyle Group, an American global alternative asset manager, on 22 June 2015 announced that it is committing an equity line up to 500 million US dollars in Magna Energy Ltd.
Magna is a new upstream oil and gas company co-founded by two former Cairn Energy officials.
Funding for the investment will come from Carlyle International Energy Partners (CIEP), a fund that focuses on oil and gas exploration & production, midstream, and refining and marketing in Europe, Africa, Latin America and Asia.
The equity line will be invested in oil and gas opportunities across South Asia with special focus on Indian sub continent and Myanmar.
The investment will also help Magna to achieve its objective of creating a full-cycle oil & gas company through acquisitions and local licensing rounds.
Magna’s primary focus will be development and production with a secondary focus on exploration.
Magna’s expertise combined with additional capital and significant industry knowledge from Carlyle will help further develop the local oil and gas industry across the Indian Subcontinent, leading to greater energy security, job creation and economic growth.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
When: 22 June 2015