State firms to buy stake in Mozambique gas field for Rs 14,000 cr

Deal will be done via new entity, in which ONGC Videsh and Oil India will hold 60% and 40% stakes respectively

State-controlled oil companies ONGC Videsh and Oil India Ltd have agreed to buy a 10 per cent stake in a Mozambique oil and gas field from Videocon Industries for about Rs 14,000 crore.

The acquisition will be implemented through a new entity, in which ONGC Videsh and Oil India are expected to hold 60 percent and 40 percent stakes, respectively, said a statement from ONGC .

ONGC Videsh is the overseas operations arm of ONGC.