OVL-OIL sign to acquire Videocon’s stake in Mozambique block

ONGC Videsh and Oil India have signed definitive agreements in Singapore on June 25th with Videocon Mauritius Energy Limited to acquire 100 per cent of shares in Videocon Mozambique Rovuma 1 Limited, the company holding a 10 per cent participating interest in the Rovuma area 1 offshore block in Mozambique (area 1) for $ 2,475 million.
 
The acquisition is expected to be implemented via a newly incorporated entity, in which OVL and OIL are expected to hold 60 and 40 per  cent stake respectively. The transaction is expected to close in the fourth quarter of 2013.
 

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