M&A

M&A

BPCL to acquire Videocon Energy’s residual stake in Brazilian JV

BSE Announcement   Economic Times  

State-owned Bharat Petroleum Corporation Limited (BPCL) is to acquire the remaining stake held by Videocon Energy Brazil in IBV Brazil Petroleo Limitada . This acquisition will be executed through BPRL Ventures, a wholly owned subsidiary and the upstream investment arm of BPCL. The transaction has received approval from the National Company Law Tribunal as part of the insolvency resolution process for VOVL Limited.BPRL Ventures previously held a 65.40% stake in IBV Brazil Petroleo Limitada which has participating interests in several oil and gas concessions in Brazil, including the BM-SEAL-11 concession, where development activities are underway.