Global alternative asset manager The Carlyle Group has committed an equity line of up to US$500 million to India-focused upstream oil and gas company Magna Energy. The equity will reportedly be delivered from an initial equity line of US$250 million, with an option to draw down an additional US$250 million at a later stage. The transaction will be structured though Carlyle International Energy Partners. Magna intends to build acreage positions in the Indian subcontinent, with the objective of creating a full-cycle oil and gas company through acquisitions and local licensing rounds.