ONGC Videsh Ltd, the overseas arm of state-owned ONGC, had in June 2013 bought 10% stake in the Offshore Area 1 from Videocon Group for $2.475 billion. ONGC Videsh Ltd (OVL), the overseas arm of state-owned ONGC, had in June 2013 bought 10% stake in the Offshore Area 1 from Videocon Group for $2.475 billion. The deal has now come under oil ministry’s scanner following allegations that OVL might have overpaid Videocon. The 10% stake, they said, was available to OVL for about $2.3 billion or so but the company a year later paid $2.475 billion to Videocon. Presently, OVL has 16% stake in Offshore Area 1, which holds as much as 75 trillion cubic feet of gas reserves.

Source: Mint February 12, 2017 10:29 UTC