Carlyle Group has committed to invest up to $500 million in Magna Energy, an India-focused upstream oil and gas company, the global private equity firm said in a statement on Monday.

Led by Mike Watts and Jann Brown who have a combined 60 years of oil industry experience, Magna Energy is seeking to become a full-cycle oil and gas company through acquisitions and securing local licences in the Indian sub-continent. It will have a primary focus on development and production.

The buyout shop is making the investment through its unit Carlyle International Energy Partners, a fund that focuses on oil and gas exploration and production.-Reuters