India Energy Cos. Close In On $2.5B Gas Field Stake Buy

Law360, New York (June 11, 2013, 6:19 PM EDT) -- A day after two India state-owned oil companies announced and then retracted a nearly $2.5 billion purchase of a 10 percent stake in a gas field off the coast of Mozambique, India's energy minister said Tuesday that the companies were in advanced negotiations with stakeholder Videocon Industries Ltd.

Oil India Ltd. and ONGC Videsh, a subsidiary of Oil and Natural Gas Corp., had announced Monday that they would buy the minority stake in the Rovuma Area 1 block from Videocon, an Indian company, for $2.475 billion....
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