Videocon industries’ Mauritius based subsidiary - Videocon Mauritius Energy (VMEL) has, in terms of the Share Sale & Purchase Agreement (SSPA) executed on June 25, 2013 with ONGC Videsh (OVL) and Oil India (OIL), completed the sale of its 100% stake in Videocon Mozambique Rovuma 1 (VMRL).
VMRL holds 10% participating interest in the Offshore Area 1 in Rovuma Basin in Mozambique, which recently has had series of sizeable natural gas discoveries.
Videocon Industries continues to hold through its Cayman Island based subsidiary Videocon Hydrocarbon Holdings oil and gas assets in Brazil, Indonesia, East Timor and Australia.
VMRL holds 10% participating interest in the Offshore Area 1 in Rovuma Basin in Mozambique, which recently has had series of sizeable natural gas discoveries.
Videocon Industries continues to hold through its Cayman Island based subsidiary Videocon Hydrocarbon Holdings oil and gas assets in Brazil, Indonesia, East Timor and Australia.
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