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Saturday, April 22, 2006

Cairn plans IPO by year end; Dhir new India chief

British-major Cairn Energy's initial public offering, IPO will open before the end of this financial year reports The Hindu Business Line.

Cairn aims at listing its shares through an IPO on Bombay Stock Exchange, BSE in the last quarter of 2006 or early 2007, company official said. But they refused to comment on the size of the IPO. Market sources said that it would be around Rs 1,200 crore (Rs 12 billion).

The company has appointed Rahul Dhir as the chief executive officer of its Indian business. According to the company official, "Rahul Dhir will join Cairn in May from Merrill Lynch, where he is the managing director and co-head of energy and power investment banking. His appointment will add significant momentum to the Indian business and facilitate an early listing in Mumbai."

Dhir said, "The assets of Cairn are outstanding. Given the positive developments in the Indian economy and investor interest in India, Cairn is in the right place at the right time to create a world class business."

He had started his career as an oil and gas reservoir engineer before moving into investment banking and he had worked at SBC Warburg, Morgan Stanley and Merrill Lynch.

Cairn made a major oil discovery at Mangala oil field in Rajasthan in 2004. The company produces 650,000 barrels a day, of which 50,000 barrels comes from the Cairn-operated Ravva field on the east coast.

Cairn has recently opened its India headquarters at Gurgaon to provide improved support for the Rajasthan project team and to manage the company's business interests in India.

Cairn focuses its activities in south Asia. The group holds material exploration and production positions in west India, east India and Bangladesh along with new exploration rights in India and Nepal.


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