The Hindu Business Line : Videocon Ind to raise Rs 2,000 cr for oil exploration

This would be to part-finance the company's interest in oil exploration and production, wherein investment of Rs 4,000 crore is planned over the next one year, Mr V.N. Dhoot, Chairman, Videocon Group, said.

The funds could be raised through issue of GDRs, equity shares or private placement, including a combination of these avenues. Explaining the move, Mr Dhoot said that the Videocon consortium working on the Rawa oil field was already the largest oil producer in the private sector.

The said investment of Rs 4,000 crore would be for oil exploration and production in both domestic and international markets. "We would be signing MoUs with some companies from the Middle East and former USSR," he said. In India, the company intends to bid for all blocks tendered under the new exploration and licensing policy.

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