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News Roundup: Videocon may exit Indonesian oil block

07 February, 2014

Videocon Industries may exit its Indonesian oil and gas asset if it gets an attractive price. This will not be the first time Videocon hives off its holding in an overseas asset. The company sold its stake in Mozambique’s Rovuma Basin, the largest offshore gas discovery in East Africa. The reason cited then was that the company had to repay debt. The Group will use the same exit model for Indonesia. Videocon had acquired 12.5 per cent in the Nunukan Production Sharing Contract on September 7, 2009, from Anadarko Indonesia. The Nunukan Block is located in offshore eastern Kalimantan and is the site of the Badik oil and gas discovery. The other partners in the block are Pertamina and Medco from Indonesia, and Bharat Petroleum arm Bharat PetroResources Ltd. (Business Line)

Tata Comm set to sell S. African firm Neotel to Vodafone arm: The two companies had started negotiations in September after Tata Communications took a decision to exit the market last year as part of its strategy to focus on core area of providing international telephony services. While the deal size is not known, market sources pegged it at $450-500 million. Vodacom is a local player, majority owned by the Vodafone Group. Tata Communications had acquired 68 per cent stake in Neotel in 2009 after the South African government deregulated the telecoms market. Nexus Connection and Communitel are other investors in Neotel. The stake sale by Tata Communications will be the first major divestment by a Tata Group company after Cyrus Mistry took over as Chairman. Those talks were at an advanced stage and an agreement could be reached next week. For Vodacom, acquiring Neotel would boost its data business in Africa’s largest economy. The deal will have to be cleared by the Indian Government as it holds a 26 per cent stake in Tata Communications, formerly VSNL. (Business Line) 

Govt to push HAL public issue this fiscal: The Government proposes to launch an initial public offering of Bangalore-based Central Public Sector Undertaking, Hindustan Aeronautics Ltd. within this fiscal year. If it happens, this will be the third public offering in the disinvestment programme, after Power Grid and Engineers India during this fiscal. Shivani Singh, Director with the Department of Disinvestment, said that a lot of consultation is required with the Defence Ministry (the Administrative Ministry for the company). We are targeting (the IPO) for this fiscal end. The Government intends to sell 10 per cent of its equity in the company, which was approved by the Cabinet Committee on Economic Affairs on November 8, 2012. (Business Line)

Courtesy: VCCEdge


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News Roundup: Videocon may exit Indonesian oil block

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