BPCL acquires Videocon's Brazil JV

Bharat Petroleum Limited (BPCL), through its indirect wholly owned subsidiary Bharat Petroleum — BPRL Ventures BV, has acquired the remaining 34.6% stake held by Videocon Group Energy Brazil Ltd (VEBL) in IBV Brazil Petroleo Limitada. This transaction, part of the Corporate Insolvency Resolution Process of VOVL Limited and approved by the India — National Company Law Tribunal, gives Bharat Petroleum full ownership of the Brazil-based oil and gas joint venture. The acquisition, which is subject to registration by authorities in Brazil, is a strategic move to strengthen India's energy security by diversifying crude procurement streams and securing long-term equity hydrocarbon resources. IBV Brazil Petroleo Limitada holds participating interests in significant oil and gas concessions in Brazil, including the BM-SEAL-11 block, which is currently under development and has the potential to add 1 million tonnes of oil equivalent to Bharat Petroleum's annual equity production.