Indian Firms Receive Approval for Mozambique Buy

Monday, October 7, 2013

ONGC and Oil India have been given the go ahead from the Indian government for their $5 billion acquisition of a 20% stake in Mozambique’s Offshore Area 1.

ONGC Videsh reported it was going to acquire a 10% stake in the block for $2.64 billion in August, two months after it purchased a 10% stake in the same block jointly with Oil India for $2.475 billion.

The deal is expected to close by December.

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