Carlyle pledges up to $500 mln for Magna

NEW DELHI, June 22, 2015 – Carlyle Group plans to invest up to $500 million in Magna Energy, an India-focused exploration and production company established in 2014.

The US private equity firm has pledged an initial $250 million in Magna, with a further $250 million to follow depending on the company’s planned projects and investment committee approval.

The deal marks the first major investment in Indian energy by Carlyle, and will allow Magna to bid for assets in the country’s 2015 bid round, where it is expected to pursue marginal fields.

Magna was founded last year by Cairn Energy’s former deputy CEO, Mike Watts, and its former CFO, Jann Brown. Watts is credited with leading exploration efforts that led to the discovery of the billion-barrel Mangala oilfield in Rajasthan.

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