The strategist

Videocon Industries, led by Group Chairman Venugopal Dhoot, is all set to sell its 10 per cent stake in Rovuma Area 1 Offshore Block in Mozambique for $2.475 billion (approx Rs 14,750 crore) to ONGC Videsh Ltd and Oil India. Meanwhile, Videocon's exit from the field will benefit them in paying off high-cost debts and gain more flexibility in order to concentrate better on its global exploration portfolio. The company has oil and gas blocks in Brazil, Australia, Indonesia, Timor etc. Dhoot believes Mozambique was just a small portion of the big pie and is led to say, "Our existing oil assets globally have a proven recoverable potential of about two billion barrels of oil, as of now." Apart from monetising their asset, the company is also planning its entry into the banking sector and is said to have set aside Rs 1,000 crore for the same. Quite a plan!