MARKET EYE-India's Videocon surges on Mozambique block sale plan

Thu Feb 21, 2013 11:47am IST

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* Shares in India's Videocon Industries Ltd gain 8.6
percent after the consumer electronics and oil company says it
is in talks to sell its 10 percent stake in an oil and gas block
off the coast of Mozambique and Tanzania.
* Videocon Chairman Venugopal Dhoot tells TV channel ET NOW the
company was in talks with multiple potential buyers, including
Oil and Natural Gas Corp Ltd, for its Rovuma gas
field, confirming earlier media reports.
* Dhoot says Videocon has appointed Standard Chartered Plc
 as an adviser for the sale.
* Videocon's board had approved splitting and selling its oil
and gas assets in August 2012.

 (abhishek.vishnoi@thomsonreuters.com /;
prashant.mehra@thomsonreuters.com)
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