Cairn India’s subsidiary has got into an agreement with Board of Investment of Sri Lanka to invest $110 million for exploration of hydrocarbons.
The subsidiary company Cairn Lanka will do the exploration in an offshore block (SL 2007-01-001) North West Sri Lanka and cover 3000 square kilometer in water depths of 200 metres to 1800 metres in the Mannar basin.
The block was awarded to Cairn India in the recent Sri Lanka bid round, informed the company to Bombay Stock Exchange.