Royal Dutch Shell Plc has made an agreed 992.4 million pounds bid for Mozambique-focused Cove Energy, offering a full price to open up a new gas frontier for the Anglo-Dutch oil major in East Africa.
Cove's main asset is an 8.5% stake in the Rovuma Offshore Area 1. Bharat Petroleum and Videocon own minority stakes in the Rovuma license. In an interview to CNBC-TV18, Venugopal Dhoot, chairman and managing director of Videocon says, at that price, the valuation of Videocon will be more than USD 2 billion, around Rs 10,000 crore. He further says, the company doesnDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
