Cairn India to invest Rs 10 bn in exploration biz
Cairn India, is planning to invest Rs 10 billion on exploration of new gas finds in various blocks in the next three years, reports Business Standard.
Presently, the company operates two oil and gasfields in Andhra and Gujarat.
Cairn currently has 15 oil blocks, and will bid in the seventh round of the National Exploration Licensing Policy (NELP), where close to 80 blocks are expected to be on offer in November this year.
The company will spend Rs 3.20 billion on exploration during the current year.
The ONGC holds 30% stake, while Malaysia`s Petronas owns 10% stake, in Cairn India.
Cairn India proposes to invest USD 2 billion between the year 2007 and 2009 in exploration, production and related infrastructure in India.
Shares of the company gained Rs 0.60, or 0.40%, to end at Rs 150.60. The total volume of shares traded was 320,683 at the BSE. (Monday)
