State-controlled oil companies ONGC Videsh and Oil India Ltd have agreed to buy a 10 per cent stake in a Mozambique oil and gas field from Videocon Industries for about Rs 14,000 crore.
The acquisition will be implemented through a new entity, in which ONGC Videsh and Oil India are expected to hold 60 percent and 40 percent stakes, respectively, said a statement from ONGC .
ONGC Videsh is the overseas operations arm of ONGC.