BPCL Subsidiary Acquires Full Stake in IBV Brazil Petroleo

Bharat Petroleum Corporation Ltd (BPCL) announced that its indirect wholly owned subsidiary, BPRL Ventures BV, has executed definitive agreements to acquire the entire shareholding of Videocon Energy Brazil Limited (VEBL) in IBV Brazil Petroleo Limitada. This acquisition, approved by the National Company Law Tribunal (NCLT) as part of the Corporate Insolvency Resolution Process of VOVL Ltd., will make IBV Brazil Petroleo Limitada a wholly owned subsidiary of BPRL Ventures BV. IBV Brazil Petroleo Limitada holds interests in Brazilian oil and gas concessions, including the BM-Seal-11 concession. The transaction is subject to necessary registrations in Brazil and is expected to support India's energy security. Further details will be provided upon completion of registrations.