Peter Levine was £90 million richer today after talks to sell his Imperial Energy business to India ended in success.

Levine founded the business four years ago, building it into an FTSE 250 company with a string of oil exploration and production interests in Siberia. Indian state-owned energy firm ONGC Videsh has bought the business in a 1250p-a-share deal that values Imperial at £1.4 billion.

The deal ends a tug of love for Imperial, with Sinopec of China also in the running. Both China and India have been targeting Siberia as a source of energy as they look to power their expanding economies.

ONGC, the Oil and Natural Gas Company, has earlier done deals with ExxonMobil among others. Levine, the chairman, sold £26 million of shares in the business at the start of this year, but still held a 6% stake that he has now cashed in.

Although the company is seen by the City as having a bright future, it has yet to make a profit. Levine floated the business in 2007. It is not yet clear if he will have a role under the new owner.

The deal is an indicator of India's increasing financial power and desire to buy up foreign firms. IT services group Infosys last night bought UK consultant Axon for £407 million.

Infosys is listed on the Bombay stock market.

Other suitors were said to be chasing Imperial, including Korea National Oil Corp. But KNOC yesterday said it had "never been approached, nor had we considered buying Imperial Energy".

Imperial's chief executive is Simon Hopkinson, a former Shell executive who joined in December 2006. Other board members include Denis Kurochkin, Ekaterina Kirsanova and former DTI official Kenneth Forrest.

Major City shareholders in Imperial include Schroder, Legal & General and Standard Life.

Sinopec of China is now expected to step up its interest in acquiring energy firms with holdings in Russia.