Videocon wants to keep Ravva stake

Vol 4, PW 19 (25 Oct 00) News in Brief

Videocon Petroleum has no intention of selling its 25% stake in the Cairn Energy operated Ravva consortium offshore Andhra Pradesh, according to Venugopal Dhoot, chairman of the Videocon Group.

"We have no plans whatsoever to sell our stake in Ravva," Dhoot tells a correspondent for this report from the company's Mumbai headquarters, "People keep approaching us with money, but we are not interested." He adds: "Ravva is going on smoothly and we are very satisfied with its progress." Dhoot said the Ravva consortium has made investments of $250m. "At current levels Ravva will produce for another 15 years."