New Delhi, November 16: The Sun Group, which has extensive business interests in Africa, is likely to exit from all its oil and gas blocks in India, where it had acquired equity stakes through its joint venture.
Sources confirmed that Suntera Resources, a joint venture between Sun Group and Russia’s ITERA, has conveyed its intention to exit from six blocks where ONGC and OIL also hold stakes.
Suntera has a 35 percent stake in a oil block in Nigeria, where OIL and Indian Oil Corporation are partners. It also has a majority stake in another gas block in the African country.
According to officials, this was part of a group’s strategy to focus on its Nigerian assets.
—IANS