By Sumeet Chatterjee and Nidhi Verma
MUMBAI/NEW DELHI (Reuters) - Indian state companies ONGC Videsh Ltd and Oil India Ltd
Separately, a source with direct knowledge of the matter said the two Indian energy companies had also bid a similar amount for a 10 percent stake in the Rovuma offshore field from U.S.-based Anadarko Petroleum Corp
Videocon, a conglomerate controlled by tycoon Venugopal Dhoot, paid $75 million for the Rovuma 1 stake in 2008 - before gas finds vastly increased its value and it emerged as a major supply base with potential to export into energy-hungry Asia.
ONGC Videsh is the overseas operations arm of explorer Oil & Natural Gas Corp
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The price is roughly in line with market expectations.
"This is not only positive for these two companies but also for India in terms of finding new sources of energy," said K.K. Mital, chief executive of portfolio management services at Globe Capital Market. "Both the companies have a good amount of cash and it makes sense to deploy some of it in a gas-rich area."
The acquisition of Videocon Mozambique Rovuma 1 Ltd will be made through a newly formed entity in which ONGC Videsh will hold a 60 percent stake and Oil India the remainder, ONGC said in a statement.
The field has the potential to become one of the world's largest liquefied natural gas (LNG) producing hubs by 2018, and is strategically located to supply gas to India at competitive prices, it added.
Anadarko and Videocon had each launched an auction of their respective 10 percent stakes in the Mozambique field earlier this year.
Recent discoveries have turned the Rovuma offshore field into a major draw for global energy producers and boosted Mozambique's gas reserves to around 150 trillion cubic feet, enough to supply world number-one LNG importer Japan for 35 years.
After Anadarko, Japan's Mitsui & Co Ltd <8031.T> is the second-biggest holder in Mozambique's offshore Area 1 block, with a 20 percent stake.
Indian state refiner Bharat Petroleum Corp Ltd
The remaining 10 percent is the stake being sold by the unit of Dhoot's Videocon Industries
Last year, PTT trumped Royal Dutch Shell Plc
(Editing by Tony Munroe and Anthony Barker)