The chairman of Indian company Videocon Industries, Venugopal Dhoot, plans to invest US$200 million to set up a private investment fund focused on oil and gas, The Times of India reported.
Dhoot also told the newspaper that he planned for the fund to grow to around US$1 billion, and that the funding would be secured from national and foreign investors.
“We were contacted in order to build this fund, given that on all occasions in which Videocon Industries has taken a stake in prospecting activities – from Brazil to Mozambique, and from Indonesia to the Timor Sea – this has resulted in discoveries of large hydrocarbon reserves,” said the chairman of Videocon Industries.
Dhoot said that his company had a 100 percent success rate as compared to 15 percent for the market overall.
Videocon Industries invested US$100 million in 10 percent of a block in Mozambique’s Rovuma Basin, where the main partner, US group Anadarko Petroleum, has found huge natural gas deposits. (macauhub)