Videocon surges on Mozambique block sale plan

Thu Feb 21, 2013 12:21pm IST

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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)

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