Cairn India planning to invest Rs.12,000 crore in the next three years

Cairn India planning to invest Rs.12,000 crore in the next three yearsOil giant, Cairn India Ltd has said that it is planning to invest about Rs. 12,000 crore on oil and gas exploration and production during the coming three years in the country.

Cairn India, which was recently acquired by Vedanta Resources in 2011, has said that its net profit recorded an increase of 17.3 per cent to Rs. 2,563.60 crore during the quarter till March, 2013 compared to the same quarter of the previous year. The profit was affected by a drilling of an unsuccessful exploration well in Sri Lanka amounting to of Rs. 265.85 crore.

Cairn India also said that its non-operating income (including from treasury operations) rose by a whopping 140 per cent to Rs. 221.93 crore. It recorded a loss of Rs. 2.77 crore on the foreign exchange market compared to Rs. 216.95 crore in the same quarter of the previous year. Cairn India's chief financial officer Sudhir Mathur cited higher return on the cash balance from overseas subsidiaries pushed up growth in the quarter.

On the other hand the company's operating profit fell 4 per cent to Rs. 2,417.77 crore during the quarter from January to March, 2013. Its total net revenue increased 19.5 per cent to Rs. 4,363.36 crore in the March quarter compared to eth same quarter of 2012.