ONGC Videsh Limited and Oil India Limited acquired the Mozambique asset in January 2014 for $2,519 million. However, the consortium officials, in alleged connivance with VIL, did not do so. The consortium never took the charge of Mozambique assets, while that of assets in Indonesia and Brazil was taken over from SCB only in November 2013, alleges the CBI. ONGC Videsh Limited and Oil India Limited required the NOCs from lenders before paying for the Mozambique assets. In November 2013, VIL requested the banks to pay the outstanding due to SCB from the sale proceeds in Mozambique.

Source: The Hindu June 23, 2020 22:51 UTC