Videocon surges on Mozambique block sale plan
Reuters Market Eye - Shares in Videocon Industries 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.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Barack Obama in India
In a glow of bonhomie, U.S. President Barack Obama and Indian Prime Minister Narendra Modi unveiled plans to unlock billions of dollars in nuclear trade and to deepen defence ties, steps they hope will establish an enduring strategic partnership. Read | Slideshow
- Video: Modi receives Obama at the airport
- "We have a deal" - insurance may unlock India-U.S. atomic trade
- U.S.-China climate deal does not put pressure on India, says Modi
- Obama backs India's solar goals, seeks support for climate talks
- Column - U.S. and India: Two democracies should join to balance China's rise
Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll. Full Article