PETRONAS, through its wholly-owned subsidiary PICL, has subscribed for 176.5 million shares representing 10% of the post-IPO share capital of Cairn India Limited.
Cairn India is a newly incorporated company, currently 100%-owned by Cairn Energy PLC, an independent E&P company listed on the London Stock Exchange.
Cairn Energy PLC currently holds several E&P assets in India and is listing Cairn India on the Bombay Stock Exchange and the National Stock Exchange of India. Upon completion of the IPO, Cairn India will hold all the ownership and operated interests in Cairn Energy's Indian crude oil and natural gas development and production assets and the majority of its Indian crude oil and natural gas exploration assets.
PETRONAS views its shareholding in Cairn India as a long-term supportive investment and hopes to build a positive and constructive relationship with the management of Cairn India in the future.
PETRONAS has no intention of increasing its stake in Cairn India.
Media Relations Department
23 November 2006