A consortium of oil refiner Bharat Petroleum Corp Limited (BPCL) and Videocon Industries has decided to buy Brazil’s EnCana Brasil Petroleo Limitada for about $165 million (about Rs 675 crore).
Videocon, a diversified group whose businesses range from power to home appliances, and Bharat PetroResources Ltd (a subsidiary of BPCL) are equal partners in the consortium that will buy EnCana Brasil Petroleo from Canadian natural gas producer EnCana Corp and 749793 Alberta Ltd, the companies said in separate statements to the Bombay Stock Exchange.
BPCL, which did not disclose financial details, said the deal was for interests in 10 deepwater offshore exploration blocks in four concessions in Brazil.
The sale, which will be effective retrospectively from January 1, 2007, is subject to regulatory approval, pre-emptive right associated with certain assets, and is expected to close in the first quarter of 2008.
Read more in The Business Standard article.
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