Hong Kong: Carlyle Group has committed to invest up to $500 million in Magna Energy Ltd, an India-focused upstream oil and gas company, the global private equity firm said in a statement on Monday.
Led by Mike Watts and Jann Brown who have a combined 60 years of oil industry experience, Magna Energy is seeking to become a full-cycle oil and gas company through acquisitions and securing local licences in the Indian sub-continent. It will have a primary focus on development and production.
The buyout shop is making the investment through its unit Carlyle International Energy Partners, a fund that focuses on oil and gas exploration and production.
Zee News App: Read latest news of India and world, bollywood news, business updates, cricket scores, etc. Download the Zee news app now to keep up with daily breaking news and live news event coverage.
