Videocon Industries, an Indian multinational and a global force in Consumer Electronics, has decided to acquire a 12.50% interest in a Production Sharing Contract with the US-based Anadarko Petroleum for an Indonesian offshore oil and gas block at $11.1 million.

Today, Aurangabad-based firm has entered into an agreement with Anadarko Indonesia Nunukan Company for acquiring a 12.50% stake in the PSC.

The product sharing contract would cover the area of Nunukan Block, located off the shores of Indonesia, and the joint operating agreement between Videocon Indonesia Nunukan Inc and three other parties would be made effective from August 1, 2009.

Ahead of positive announcement, the scrip of company today closed at Rs 244 on BSE, up 2% compared to its previous close.