Videocon Industries is in talks with state-owned oil and gas producer ONGC, as state run firm is keen on buying the company’s stake in Mozambique gas field. With this initiative, ONGC plans to ship the fuel in its liquid form (LNG) to a proposed LNG terminal at Mangalore.
The overseas arm of the state explorer ONGC Videsh (OVL) and Oil India (OIL) are together negotiating for the stake for which Videocon is reportedly seeking at least $3 billion. But both company’s find Videocon’s asking price too high and are in the process of doing a due diligence.
