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
- Supreme Court turns the clock back with gay sex ban
- UPDATE 2-Pilots of Asiana crash knew speed was low -documents
- China bitcoin arbitrage ends as traders work around capital controls
- UPDATE 8-Ukrainian riot police withdraw after overnight move on demonstrators
- UPDATE 1-U.S. says Ukraine's "European future" can be saved - Nuland