BPCL subsidiary to fully acquire Brazil JV partner stake in IBV Brazil

BPCL's indirect subsidiary BPRL Ventures BV has signed definitive agreements to acquire the remaining 34.60 percent stake held by Videocon Energy Brazil in IBV Brazil Petroleo Limitada. This is part of the Corporate Insolvency Resolution Process of VOVL Ltd. The NCLT had approved the deal earlier and all Government of India approvals have now been received. After completion, IBV will become a wholly owned subsidiary of BPRL Ventures BV. IBV holds oil and gas concessions in Brazil including the BM-Seal-11 block, which is under development. The transaction is subject to necessary registration by Brazilian authorities.