Speaking to CNBC-TV18, Venugopal Dhoot, chairman and managing director, Videocon says the stake sale will result in a comparatively health balance sheet and good asset cover. The company has Rs 25000 crore worth debt that will come down to Rs 10000 crore post the stake sale.
Bharat Petroleum Corporation Limited (BPCL) is optimistic of more oil quantity of oil reserves from its Brazil's find. RK Singh, its CMD says that the quantum will only be known after the appraisal gets over in 2015.
Videocon will have investors coming in from different fields. Venugopal Dhoot says their partnership with Liberty inspired them to apply for the license.
Videocon Group's Rajkumar Dhoot says, in an interview to CNBC-TV18 after Videocon's sale of stake to ONGC, that the group will continue to operate in the oil sector and is keen on a foray into the banking space.
ONGC Videsh (OVL) and Oil India have inked a pact with Videocon Industries to buy its stake in a Mozambique gas field for USD 2.47 billion. OVL would be looking at a mix of two options to fund the deal - a part would come from ONGC's surplus cash balance and a part would come from external commercial borrowing (ECB).
Senior Supreme Court counsel Harish Salve explains to CNBC-TV18 that it is the end of the judicial road for Videocon and that the court is set to hear the criminal cases on February 25 or 25
Romal Shetty, national leader- telecom, KPMG and Amit Sachdeva, telecom-partner, E&Y explain to CNBC-TV18 that the response to 2G auction is muted and that it would be tough for the government to achieve its revenue target of Rs 40,000 core from the sale of spectrum.
Narendra Taneja, South Asia Bureau Chief of Upstream tells CNBC-TV18 said that although, the Mozambique offshore is supposed to be floating on gas, it is a comparatively new kid on the block with no big history of offshore oil and gas exploration.