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Videocon Industries Ltd Divests Mozambique Offshore Assets To ONGC Videsh Ltd And Oil India Ltd

Tuesday, 25 Jun 2013 05:29am EDT 

Videocon Industries Ltd announced that its wholly-owned Mauritius based subsidiary Videocon Mauritius Energy Ltd has executed a Share sale and purchase agreement (the SSPA) with ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) for sale of 100% stake in Videocon Mozambique Rovuma 1 Ltd (VMRL) for a consideration of USD2.475 Billion (the Transaction). VMRL holds 10% participating interest in Offshore area 1 in Rovuma Basin in Mozambique. 

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