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Oil and Natural Gas Corporation Ltd's ONGC Videsh Ltd And Oil India Ltd To Buy Stake In Mozambique Gas Field For-INR140 Billion-Business Standard

Monday, 10 Jun 2013 08:44am EDT 

Business Standard reported that Oil and Natural Gas Corporation Ltd's ONGC Videsh Ltd and Oil India Ltd have agreed to buy a 10% stake in a Mozambique oil and gas field from Videocon Industries for about INR140.00 billion. The acquisition will be implemented through a new entity, in which ONGC Videsh and Oil India are expected to hold 60% and 40% stakes, respectively, said a statement from ONGC .