Cairn India on Oct 29 said it had tied up funds for $1.8 billion for development of its Rajasthan oilfields and was on schedule to deliver first oil in second half of 2009.
The company reported an over 12-fold jump in its third quarter net profit to Rs 293.3 crore on back of high crude oil prices.It plans to invest $ 1.8 billion in developing Mangala, Bhagyam and Aishwariya fields in Barmer district of Rajasthan and laying a pipeline to transport the oil to refineries on Gujarat coast.Of the $850 million credit facility, the company is yet to draw about $700 million.Rajasthan has delayed grant of right of user (ROU) for laying the pipeline but the company believed they would be in place soon.
The company reported an over 12-fold jump in its third quarter net profit to Rs 293.3 crore on back of high crude oil prices.It plans to invest $ 1.8 billion in developing Mangala, Bhagyam and Aishwariya fields in Barmer district of Rajasthan and laying a pipeline to transport the oil to refineries on Gujarat coast.Of the $850 million credit facility, the company is yet to draw about $700 million.Rajasthan has delayed grant of right of user (ROU) for laying the pipeline but the company believed they would be in place soon.
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