Videocon Industries, in consortium with state-run refiner Bharat Petroleum Corp (BPCL), has acquired a Brazilian oil exploration firm for $283 million (over Rs 1,309 crore).
A 50:50 joint venture of Bharat PetroResources (a BPCL subsidiary) and Videocon Industries has completed the acquisition of the entire stake of EnCana Brasil Petroleo (EBPL) from Canadian gas producers EnCana Corp and Alberta, Videocon today said in a filing to Bombay Stock Exchange (BSE).
The acquisition has been made for a consideration of $165 million, while the consortium would also pay $118 million as reimbursement for the Canadian firms' expenses.
Last year, the domestic entities had entered into an agreement with the companies to acquire their exploration arm saying that the deal was for interests in 10 deep-water offshore exploration blocks in four concessions in Brazil.
While Brazil's national oil company Petrobras operates in three concessions, US-based Anadarko Corporation's Brazilian subsidiary operates in one concession, the filing said.
Shares of Videocon closed at Rs 229.95, up 5.80 per cent, on BSE.
