Financial Daily from THE HINDU group of publications
Saturday, Apr 01, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 01, 2006 |
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Petroleum Corporate - Overseas Investments Videocon-GAIL group bags Oman contract Our Bureau
Stake structure While Videocon Industries holds 25 per cent stake in the consortium, the other two entities with an equivalent stake are GAIL and Oilex. The remaining 25 per cent is equally carved up between BPCL and HPCL at 12.5 per cent each.
Mumbai , March 31 Only days after making public its acquisition bid for Daewoo Electronics of South Korea, Indian consumer durables major Videocon Industries Ltd has gone prospecting for oil in Oman. The company informed the stock exchanges on Friday that a consortium that includes GAIL (India), BPCL, HPCL and Oilex of Australia had been awarded Block 56 in Oman for exploration and further development. Mr Venugopal Dhoot, Chairman, Videocon Industries, told Business Line that the contract was awarded to the consortium on the strength of its presence in Oman. "We already have a production facility in Oman. This is for the consumer durables business. We got the E&P contract for Block 56 largely on the strength of our being an existing player in the country. Initially, the investment will be to the tune of Rs 250 crore for exploration activities. Once we find oil, this can go up to Rs 2,000 crore over the next five years", Mr Dhoot said.
Well with global plans
According to him, this sits in well with Videocon's global plans. As in the consumer durables business, the Oman foray will give a global reference to Videocon's presence in the oil production business. It was in June 2005 that Videcon had acquired Thomson SA's global colour picture-tube manufacturing business, including units in China, Poland and Mexico for about Rs 1,260 crore.
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