BPCL Subsidiary Acquires Full Ownership of Brazil Oil JV

Date: 1st July 2026

Acquisition Update

BPRL Ventures BV, an indirect wholly owned subsidiary of Bharat Petroleum Corporation Limited, has executed definitive agreements for the acquisition of the entire shareholding of Videocon Energy Brazil Limited (VEBL) in IBV Brazil Petroleo Limitada.

This acquisition is part of the Corporate Insolvency Resolution Process of VOVL Ltd. (VOVL) and follows the NCLT order that approved the acquisition, which was previously intimated on 27th June 2024. All requisite approvals mandated by the Government of India have been received for this transaction.

Shareholding Structure

Immediately prior to the execution of the definitive agreements, BPRL Ventures BV held 65.40% of the shareholding in IBV Brazil Petroleo Limitada. Upon completion of this acquisition, IBV Brazil Petroleo Limitada will become a wholly owned subsidiary of BPRL Ventures BV.

Strategic Rationale

IBV Brazil Petroleo Limitada holds participating interests in oil and gas concessions in Brazil, including the BM-Seal-11 concession, which is currently progressing with development activities. The transaction is stated to support the energy security of the nation.

Conditions and Next Steps

The acquisition is subject to necessary registration by the appropriate authorities in Brazil. Further details of the acquisition will be filed after the necessary registrations for the transaction are completed.