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Cairn Energy India Pty Ltd has discovered oil in Nagayalanka-SE-1 well in the onshore block of KG basin (KG-ONN-2003/1). Further testing is underway and an appraisal will be required to establish the commerciality of the Nagayalanka-SE discovery. CEIL, the wholly owned subsidiary of Cairn India Ltd, holds 24 per cent and is the operator of the block while CIL holds 25 per cent with the other JV partner ONGC Ltd holding 51 per cent.

Rural Electrification Corporation has signed a loan agreement with the German government owned development bank KfW for a loan worth `700 crore. The loan will refinance sub-loans made by REC for renewable energy and energy efficiency projects in rural areas. REC is the nodal agency for the implementation of the Rajiv Gandhi Grameen Vidyutikaran Yojana, a national initiative for rural electrification.

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