Oil India (OIL) and ONGC Videsh (OVL) have signed definitive agreements with Videocon Mauritius Energy to acquire 100% of the shares of Videocon Mozambique Rovuma 1.
Videocon Mozambique holds a 10% participating interest worth US$2.475 billion in a gas project in Rovuma Area 1 Offshore Block in Mozambique. OVL and OIL will make the acquisition through a newly formed entity in which OVL will own 60% and OIL will hold 40%.
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