Videocon Industries announced that its wholly-owned arm Videocon Energy Ventures will get hold of a 10% participating interest in the exploration and production concession of Anadarko Mozambique Area (Anadarko), a Mozambique-based indirect arm of Anadarko Petroleum Corporation, US.

Videocon Retail, a part of the Videocon Industries, is all set to invest Rs 8 billion for strengthening its electronic retail format Next Retail and mobiles, music, entertainment and lifestyle chain Planet M by 2011.

Moreover, Videocon is in talks with Japanese majors Mitsui and Hitachi in order to establish a logistics company in a JV for supporting its retail operations.

For the three months period ended in June 2008, Videocon Industries posted a 4.06% growth in net profits, which stood at Rs 2550.70 million, as against a profit of Rs 2451.10 million during the same period of the last year.

At 3:33 pm, shares of the Videocon Industries gained 0.3% at Rs 273. The share price has seen a 52-week high of Rs 868.65 and a low of Rs 242 on BSE.