ONGC Videsh and Indian Oil Corporation are reportedly in talks to acquire a stake in a project of Tullow Oil Plc in Kenya worth $3.4 billion, Bloomberg reported citing informed sources.
The transaction’s value may range between $2 billion and $3 billion, the sources said on the condition of anonymity since the talks are reportedly private.
The Indian state-backed companies will be come the project's joint operators once the deal is finalised, the Bloomberg report said citing the sources.
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