OVL, GAIL Plan to Offer $2 billion for Cove Energy

OVL and GAIL India plan to offer $2 billion to acquire UK-based Cove Energy Plc , the Times of India reported on Tuesday.

The Indian state owned energy firms plan to outbid PTTEP and Royal Dutch Shell Plc's offer worth USD 1.6 billion earlier this month.

PTT is ready to offer $1.76 billion while Shell’s bid is reportedly worth $1.6 billion.

ONGC Videsh Ltd and GAIL could make their combined bid this week, the newspaper said.

Cove Energy has exploration and development assets in Africa.