Journalism of Courage
Premium
This is an archive article published on March 31, 2006
Videocon-GAIL gets Oman block
Videocon Industries Ltd, along with its Australian partner Oilex NL and government-owned GAIL India...
Written by Enenseconomicbureau
Mumbai | March 31, 2006 12:00 AM IST
1 min read
1 min read
Videocon Industries Ltd, along with its Australian partner Oilex NL and government-owned GAIL India, have won the race to acquire an exploration block in Oman for Rs 220 crore 50 million.
Videocon, GAIL and Oilex would each hold a 25 per cent stake in Oman8217;s oil block 56, while Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd would have 12.5 per cent stake each.
8216;8216;This is part of our strategy to become global, both in our consumer durables and oil and gas business,8217;8217; Chairman of Videocon group, V. N. Dhoot told this newspaper today.
Investment in Oman could reach up to Rs 2,000 crore as both the companies explore and develop it in phases. Videocon already has a presence in Oman with an AC unit which was one of the main reasons for winning the oil block. 8216;8216;In Oman, non-oil companies and existing business are getting a preference. Hence, we were leading in the race,8217;8217; Dhoot said.
Advertisement
Live Blog
PHOTOS
Top Stories
Advertisement
Must Read
Advertisement
Buzzing Now
- 01
- 02
- 03
- 04
- 05
Advertisement