US private equity major The Carlyle Group will invest $500 million in London-based upstream oil and gas company Magna Energy, which is looking to build acreage positions in the Indian sub-continent.
Funding for the investment will be from Carlyle International Energy Partners (CIEP), a fund that focuses on oil and gas exploration and production, midstream, and refining and marketing in Europe, Africa, Latin America and Asia. This investment is led by Managing Director and Head of CIEP Marcel van Poecke and Managing Director Bob Maguire.
“CIEP will provide capability and support through its global energy platform as we seek to participate in the economic growth of India and neighbouring countries. Our investment will help fund Magna’s development and production plans allowing it to focus on cash generative and organic growth opportunities in the oil and gas sector across the subcontinent,” said Marcel van Poecke, Managing Director, and Head of CIEP.
Magna is looking to create a full-cycle oil and gas company through acquisitions and local licensing rounds in India. The company’s primary focus will be development and production with a secondary focus on exploration.