"Led by Watts and Jann Brown, two former executives of Cairn Energy Plc of UK, Magna Energy Ltd will build acreage positions in the Indian subcontinent, with the objective of creating a full-cycle oil and gas company through acquisitions and local licensing rounds," the Carlyle Group said in a statement.

The global alternative asset manager said it is committing an equity line upto USD 500 million in Magna Energy Ltd. Magna was founded by Watts and Jann Brown after they superannuated from Cairn Energy in April last year.

"We believe there is strong growth potential in countries such as India, Bangladesh and Myanmar, which seek to grow their local energy markets,” the two executives cited in a statement.

Funding for the Magna investment will come from Carlyle International Energy Partners (CIEP), a fund that focuses on oil and gas investments in Europe, Africa, Latin America and Asia.

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