India state firms to buy stake in Mozambique gas field for $2.5 bln
MUMBAI, June 10
MUMBAI, June 10 (Reuters) - Indian state-controlled oil companies ONGC Videsh Ltd and Oil India Ltd have agreed to buy a 10 percent stake in a Mozambique oil and gas field from India's Videocon Industries for $2.48 billion.
The acquisition will be implemented through a new entity, in which ONGC Videsh and Oil India are expected to hold 60 percent and 40 percent stakes, respectively, said a statement from ONGC .
ONGC Videsh is the overseas operations arm of ONGC. (Reporting by Sumeet Chatterjee; Editing by Subhranshu Sahu)
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