For a moment on Monday it appeared that Videocon had landed a buyer for its 10% stake in gas-rich Area 1 of Mozambique's offshore Rovuma Basin. India's state-run ONGC Videsh, long rumored to be a favorite for the asset, issued a statement early Monday saying it had struck a "definitive agreement" to acquire the stake along with fellow Indian state firm Oil India in a $2.475 billion deal. However, only hours later ONGC Videsh surprised markets by saying the statement had "been inadvertently issued," and the release "stands withdrawn."
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