Amarchand and Simmons & Simmons seal OVL-OIL’s acquisition of Videocon’s 10% stake in Mozambique block for $2.47 billion

Oil India Ltd (OIL), along with ONGC Videsh Ltd (OVL), the overseas arm of ONGC, will acquire Videocon Industries’ 10 per cent participating interest in Rovuma Area 1 Offshore Block in Mozambique for $2.475 billion (Rs 14,750 crore).