OVL, OIL to share Videocon stake equally

The 10 per cent stake in Videocon Group’s giant Mozambique gas field bought by ONGC Videsh (OVL) and Oil India for $2.475 billion will be shared equally. OVL, the overseas arm of State-owned Oil and Natural Gas Corp (ONGC) and OIL had jointly bought Videocon Group’s 10 per cent interest in the Rovuma Area-1 for $2.475 billion.

This stake was originally envisaged to be split into 60:40 ratio with OVL getting the larger share. But with OVL on its own buying US energy major Anadarko Petroleum’s 10 per cent stake in the same block for $2.64 billion, the Videocon stake will be split 50:50, a top official in the consortium said.