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Videocon Industries Ltd announces divestment of Mozambique offshore asset to ONGC Videsh Limited and Oil India Ltd

Tuesday, 7 Jan 2014 09:35pm EST 

Videocon Industries Ltd:Refers to the announcement made on June. 25, 2013.Says its Mauritius based subsidiary Videocon Mauritius Energy Limited (VMEL) has, in terms of the share sale and purchase agreement (the SSPA) executed on June. 25, 2013 with ONGC Videsh Limited (OVL) and Oil India Ltd (OIL).Says it has completed the sale of its 100 pct stake in Videocon Mozambique Rovuma 1 Ltd (VMRL).Say VMRL holds 10 pct participating interest in the Offshore Area 1 in Rovuma Basin In Mozambique (the Offshore Area 1), which recently has had series of sizeable natural discoveries.