 | « Back to article | Print this article |
Videocon Industries Ltd will spend Rs 2,000 crore (Rs 20 billion) for oil exploration and production activities, including Rs 800 crore ($183 million) abroad as part of its business plans.
The company plans to invest in oil fields in Sudan and was also considering Ukraine -- both rich in energy resources, Videocon group chairman Venugopal Dhoot said in a release in Mumbai on Saturday.
The company would pump Rs 800 crore (Rs 8 billion) over the next two years in oil production and exploration activities abroad, he said adding, Videocon has inked a memorandum of understanding with the government of Khartoum province in Sudan for investing and developing oil projects. '
It would pump Rs 1,200 crore (Rs 12 billion) in domestic E&P activities after raising Rs 2,000 crore through Global Depository Receipts in May.
The company would visit Ukraine next week to explore its investment potential and might consider investment in Russia and other countries in West Asia and Africa, he said.
It would participate in New Exploration Licensing Policy where it plans to bid for 12 blocks.