Mumbai, July 02, 2026: Bharat Petroleum Corporation Limited (BPCL) has fully acquired Videocon’s stake in the Brazilian joint venture IBV Brasil Petróleo Ltda., elevating its ownership to 100% through subsidiary Bharat PetroResources Limited (BPRL).
BPCL Chairman and Managing Director Sanjay Khanna described the deal as “a significant milestone in our overseas upstream growth journey,” underscoring the company’s commitment to building a robust international energy portfolio.
BPRL exercised its Right of First Refusal and completed the transaction via step-down entities after securing all Brazilian regulatory approvals. The move transforms IBV into BPCL’s wholly owned subsidiary.
IBV holds interests in promising concessions such as BM-SEAL-11 and BM-C-30. The acquisition is set to deliver around one million tons of oil equivalent in annual equity production once BM-SEAL-11, where IBV holds 40% alongside Petrobras, commences output. Development is progressing with the FPSO contract signed in May 2026.
This consolidation strengthens BPCL’s global footprint at a time of persistent energy market instability, enhancing supply diversity and supporting India’s long-term hydrocarbon security.
