Cairn Appoints CEO for Cairn India IPO Company

Cairn Energy PLC has appointed Rahul Dhir to be Chief Executive Officer of the new Indian business, which subject to market conditions, Cairn is aiming to list through an IPO on the Bombay Stock Exchange in the last quarter of 2006 or early 2007. Rahul Dhir will join Cairn in May from Merrill Lynch where he is currently a Managing Director and co-head of Energy and Power Investment Banking.

Rahul Dhir, who is aged 40, was born in Delhi and educated at the Indian Institute of Technology in Delhi (Bachelor of Technology), the University of Texas at Austin (Master of Science) and the Wharton Business School in Pennsylvania (Master of Business Administration). Rahul started his career as an oil and gas reservoir engineer before moving into investment banking and he has worked at SBC Warburg, Morgan Stanley and Merrill Lynch where he managed a team advising several major oil companies and a number of independent E&P companies on merger and acquisition and capital market related issues.

Commenting on the appointment Sir Bill Gammell said: "We're delighted to have appointed Rahul Dhir from Merrill Lynch. I believe his appointment will add significant momentum to the Indian business and facilitate an early listing in Bombay. This appointment augments the strong skills and excellent management already existing in the Cairn India team. At a time when there is heightened interest in India as an oil and gas investment destination, Rahul's skills, his intimate knowledge of India and his international banking and specialist experience of world energy markets will be invaluable to the new company."

Rahul Dhir said:

"It is a privilege to lead Cairn's business in India. The assets are truly outstanding and the company has a very professional organization in place across the country. It will be very exciting to create a new and thriving business from this unique platform. Given the positive developments in the Indian economy and investor interest in India I believe Cairn India is in the right place at the right time to create a growing world class business headquartered in Delhi."