CBI lens on Videocon's Dhoot: Was Rovuma offshore a joy ride for oil firms?

Topics CBI | M Veerappa Moily | ONGC Oil

In the volatile world of oil and gas, it is said the ability to take different calls based on the same geological risks is what creates a success story. Videocon exited its Mozambique asset in 2014 by selling 10 per cent to Oil and Natural Gas Corp (ONGC) and Oil India (OIL) for about $2.5 billion. ONGC Videsh (OVL) is still bearing the burden of the Imperial Energy asset in Russia. But the success of Videocon Group Chairman Venugopal Dhoot in realising value out of the Mozambique deal is proving to be costly. The Central Bureau of Investigation (CBI) has booked Dhoot for alleged c.....

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