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India state firms to buy stake in Mozambique gas field for $2.5 bln
June 10, 2013 / 12:45 PM / 5 years ago

India state firms to buy stake in Mozambique gas field for $2.5 bln

MUMBAI, June 10 (Reuters) - Indian state-controlled oil companies ONGC Videsh Ltd and Oil India Ltd have agreed to buy a 10 percent stake in a Mozambique oil and gas field from India’s Videocon Industries for $2.48 billion.

The acquisition will be implemented through a new entity, in which ONGC Videsh and Oil India are expected to hold 60 percent and 40 percent stakes, respectively, said a statement from ONGC .

ONGC Videsh is the overseas operations arm of ONGC. (Reporting by Sumeet Chatterjee; Editing by Subhranshu Sahu)

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