India, July 3 -- New Delhi, July 03: Bharat Petroleum Corporation Ltd (BPCL) has acquired Videocon's remaining stake in IBV Brasil Petroleo Ltd, increasing its ownership from 65.4% to 100% and making the Brazilian upstream company a wholly owned subsidiary of the BPCL Group. The acquisition aligns with the PSU's strategy to expand its global footprint in oil and gas exploration and production.

The acquisition was completed through Bharat PetroResources Ltd (BPRL), BPCL's upstream subsidiary, along with its step-down subsidiaries. BPRL exercised its right of first refusal under the shareholders' agreement to purchase Videocon's stake after securing all required regulatory approvals in Brazil. The company, however, did not disclose the fi...