Oil India (OIL) is reportedly planning to acquire Videocon’s stake in Mozambique’s Rovuma Basin asset shortly. The company in association with ONGC Videsh (OVL) is likely to make a bid to acquire Videocon’s 10% stake in Mozambique’s Rovuma basin shortly. Videocon plans to raise about $3 billion from the transaction, to pay off debts.
The company has reported a fall of 16.16% in its net profit at Rs 954.57 crore for second quarter ended September 30, 2012 as compared to Rs 1138.52 crore for the same quarter in the previous year. Total income of the company has decreased by 22.86% at Rs 2921.84 crore for quarter under review as compared to Rs 3787.92 crore for the quarter ended September 30, 2011.
