Videocon Inds up in the green

Videocon Industries is doing well today, thanks to the inadvertent mistake of ONGC. Yesterday, ONGC sent out a Press Release on its deal with Videocon regarding the Mozambique oil block even before the deal was actually signed. Realising its mistake, ONGC withdrew the Press Release but the details were already out by then.

So as per the deal, which is yet to be officially signed, Videocon will be selling its stake in the offshore Rovuma basin in Mozambique for around Rs.14,500 crore or around $2.50 billion. This money coming in for Videocon will be a great relief, given the fact that it is struggling with a massive debt of Rs.17,000 crore.