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Combine Onion Gravy mix with water. Set aside.
Cook beef cubes in oil 8 to 10 minutes or until done. Add peas and carrots and gravy mixture. Bring to a boil; reduce heat and simmer until gravy thickens.
Pour beef mixture into 12- by 8-inch casserole dish. Spoon potatoes on top of beef mixture. Bake in 350 degree oven 30 minutes or until gravy starts to bubble and potatoes are lightly browned.