Kolkata, New Delhi, INDIA. New York, USA.
Business To Business, New Delhi, 02nd July, 2026: State-owned Bharat Petroleum Corporation Ltd (BPCL) has acquired Videocon's remaining stake in Brazilian joint venture IBV Brasil Petróleo Ltda, taking full ownership of the company as it looks to expand its overseas upstream portfolio and strengthen long-term energy security.
The acquisition was completed through BPCL's upstream subsidiary, Bharat PetroResources Ltd (BPRL), and its step-down subsidiaries. With the transaction, BPRL's stake in IBV Brasil Petróleo Ltda has increased from 65.4 per cent to 100 per cent, making the Brazilian company its wholly-owned subsidiary.
According to BPCL, BPRL exercised its Right of First Refusal under the shareholders' agreement to acquire Videocon's stake. The transaction was completed after obtaining the necessary regulatory approvals and registrations from the Brazilian authorities.
The acquisition is expected to strengthen BPCL's international upstream presence and support its strategy of securing long-term energy resources through overseas oil and gas assets.