Videocon to acquire 10 pc in Anadarko block

New Delhi, Aug 27: Videocon Industries on Wednesday, Aug 27 said its wholly-owned subsidiary, Videocon Energy Ventures, will acquire a 10 per cent participating interest in the exploration and production concession of Anadarko Mozambique Area I Limitada, a Mozambique-based subsidiary of Anadarko Petroleum Corporation for 78 million dollars.

The company will acquire the interest with effect from May one and the capital outlay for the transaction will be incurred by 2011, the company said in a statement.

The closing of the transaction under the agreement is subject to consent and waiver of first right of refusal by existing participating parties and subject to regulatory approvals, the statement said.

UNI