Carlyle bets $500m on Magna Energy
The firm is investing in the newly created oil and gas company which aims to build in India
Private equity firm Carlyle Group is betting up to $500m on Magna Energy, a newly-created oil and gas company led by former Cairn Energy executives who left last year: Mike Watts, who was credited with the 2004 giant Rajasthan oil find, was the deputy CEO; and Jann Brown was the CFO. The two began developing a business plan last October and found Carlyle to be a good investor owing to its knowledge of not just petroleum but of the region, Brown told Petroleum Economist. Magna is aiming to build acreage positions in the Indian Subcontinent, which includes Myanmar and Bangladesh, to create a full-cycle oil and gas company through acquisitions and local licensing rounds. India's policy objectiv
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