Indian Oil Giants Revive $2.5B Mozambique LNG Stake Bid

Law360, New York (June 25, 2013, 1:12 PM EDT) -- India's state-run oil giant Oil India Ltd. and a unit of Oil & Natural Gas Corp. have agreed to acquire a 10 percent interest in an oil and gas field in Mozambique from an affiliate of Videocon Industries Ltd. for $2.48 billion, the parties announced Tuesday, two weeks after claiming to have withdrawn the bid.

Oil India and ONGC Videsh Ltd. said they will acquire 100 percent of Videocon Mozambique Rovuma 1 Ltd.'s shares, giving them a 10 percent interest in the Rovuma Area 1 Offshore...
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