The acquisition will be done through a joint venture in which OVL will hold 60% stake while OIL will have the remaining 40%
State-owned Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) will buy Videocon Industries' 10% stake in a giant Mozambique gas field for about $2.5 billion.
The acquisition of the stake in Mozambique's offshore Area 1, which may hold as much as 
65 trillion cubic feet (tcf) of gas resources, will be done through a joint venture of OVL and OIL, the two firms announced.
OVL, the overseas arm of state-owned ONGC will hold 60% stake in the joint venture while OIL will have the remaining 40%.
OVL and OIL have signed a definitive agreement with Videocon Mauritius Energy to acquire 100% of (its) shares in Videocon Mozambique Rovuma 1 for $2475 million, the statements said.
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