OVL and Oil India announce an agreement to buy Videocon's stake in the Mozambique gas field for $2.475 billion. TK Ananthkumar, director of finance at Oil India, tells NDTV Profit that the reserve has 35-65 trillion cubic feet of potential. Oil India will need to make payments in the next 3-4 months and will raise US dollar debt and the deal is likely to be concluded in the fourth quarter of FY14 after minor technical clearances from the governments of India and Mozambique, he says. He also says another $4 billion investment is required in the reserve which will be spread out over 4-5 years.
