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Videocon Industries Ltd's VMEL sells VMRL to ONGC Videsh Ltd and OIL India Ltd

Thursday, 15 May 2014 08:21am EDT 

Videocon Industries Ltd:Says confirming that the Videocon Mauritius Energy Ltd (VMEL) has transferred entire share capital of Videocon Mozambique Rovuma 1 Ltd (VMRL) to ONGC Videsh Ltd and OIL India Ltd (buyers).It has realized the sale consideration in terms of the Share Sale and Purchase Agreement (SSPA) entered on June 25, 2013 for a base consideration of $2.475 billion.VMRL ceased to be subsidiary of the company. 

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