Boston, MA -- (SBWIRE) -- 09/25/2013 -- ONGC Videsh Limited (OVL) and Oil India Limited (OIL) have signed a definitive agreement to acquire Videocon Mozambique Rovuma 1 Limited (Videocon Mozambique) from Videocon Hydrocarbon Holdings Limited (Videocon Hydrocarbon) for a purchase consideration of US$2.47 billion. Videocon Mozambique possesses a 10% participating interest in the Offshore Area 1 block in the Rovuma basin, Mozambique.

The acquisition is expected to be implemented via a newly incorporated entity, in which OVL and OIL will hold 60% and 40% stakes respectively. Merrill Lynch & Company, Incorporated is acting as financial advisor and Robertson (UK) Limited is acting as technical advisor to OVL. Morgan Stanley is acting as financial advisor and Halliburton is acting as technical consultants to OIL. Ernst & Young is acting as tax and accounting advisor and Simmons & Simmons LLP is acting as legal advisor to OVL and OIL in the transaction. Standard Chartered PLC and UBS AG are acting as financial advisors to Videocon Hydrocarbon in the transaction.

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The transaction is expected to be completed in Q4 2013, subject to the approvals of the governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions.

Scope

- The report analyzes the rationale behind the planned acquisition of 10% stake in the Offshore Area 1 block, Rovuma basin by OVL and OIL.
- The report highlights the locational advantage for the Mozambique LNG project to supply LNG to Asian buyers.
- Geography Covered - Mozambique

Reasons to Get This Report

- To understand the significance of the planned acquisition of 10% stake in Offshore Area 1 block by OVL and OIL for the long-term strategic objectives of the acquiring companies.
- To be informed that the planned acquisition by the two Indian companies is aimed to enhance India's energy security.
- To be aware of the locatonal advantage for the Mozambique LNG project to supply LNG to Asian buyers.

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