The Grupo Carso consortium controlled by Mexican billionaire Carlos Slim says it is entering a new business sector by buying a 70 percent stake in an oil exploration and production company.
Carso says it has reached an agreement to take a majority stake in Tabasco Oil Co. LLC, which has an exploration concession on a field in Colombia.
The consortium's statement sent to the Mexican stock exchange Tuesday does not say how much it is paying for the stake.
Carso is a diversified retail, construction and industrial conglomerate. It is controlled by Carlos Slim, who is considered the world's richest man with an estimated fortune of $53.5 billion.
Carso stock closed up 0.25 percent before the announcement was made.