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Oil and Natural Gas Corporation Ltd In Talks To Buy Videocon Industries Ltd's Stake In Mozambique Gas Field-The Economic Times


Wednesday, 20 Feb 2013 05:24am EST 

The Economic Times reported that state-owned Oil and Natural Gas Corporation Ltd (ONGC) is in talks to buy Videocon Industries Ltd's 10% stake in a gas field off Mozambique and plans to ship the fuel in liquid form (LNG) to a proposed LNG terminal at Mangalore. ONGC Videsh Ltd, the overseas arm of the state explorer and Oil India Ltd (OIL) are together negotiating for the stake for which Videocon is reportedly seeking at least $3 billion, sources privy to the development said. OVL-OIL combine, however, find Videocon's asking price too high and are in the processing of doing a due diligence. Sources said ONGC is taking OIL along for acquisition of Videocon's 10% stake in Offshore Area 1 in Rovuma basin field and feels OIL alone will not be able to buy the stake.