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Oil and Natural Gas Corporation Ltd's ONGC Videsh Ltd Withdraws Press Statement On Mozambique Deal Along With Oil India Ltd-Business Standard

Monday, 10 Jun 2013 11:13am EDT 

Business Standard reported that After announcing a major deal, Oil and Natural Gas Corporation Ltd's ONGC Videsh Ltd withdraws press statement that said it along with Oil India Ltd will buy Videocon Industries Ltd's 10% stake in Mozambique gas field for $2.475 billion. The acquisition is to be done through a joint venture of OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) and OIL, the earlier statement issued by ONGC said. OVL will hold 60% stake in the joint venture while OIL will have the remaining 40%.