Kolkata, July 3: Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 company and Maharatna PSU, has completed the acquisition of Videocon Group’s entire stake in its Brazilian joint venture, IBV Brasil Petróleo Ltda. (IBV), significantly expanding its global upstream presence.
The acquisition was carried out through BPCL’s upstream arm, Bharat PetroResources Limited (BPRL). With the transaction, BPRL’s ownership in IBV has increased from 65.40% to 100%, making the Brazilian company a wholly owned subsidiary.
The deal was completed after BPRL exercised its Right of First Refusal under the shareholders’ agreement and secured all necessary approvals and registrations from Brazilian authorities.
The acquisition comes at a crucial time when global energy markets are facing volatility due to geopolitical tensions and supply disruptions. BPCL said the move will strengthen its long-term energy security strategy by diversifying hydrocarbon assets and building a more resilient global energy portfolio.
IBV holds participating interests in key Brazilian oil and gas concessions, including BM-SEAL-11 and BM-C-30. Once production begins at the BM-SEAL-11 concession, the acquisition is expected to add nearly 1 million tonnes of oil equivalent (MTOE) in annual equity oil and gas production. The BM-SEAL-11 project, where IBV holds a 40% stake alongside Petrobras, is currently in the development phase, with the contract for the Floating Production Storage and Offloading (FPSO) unit signed in May 2026.
Commenting on the development, BPCL Chairman and Managing Director Sanjay Khanna said the acquisition marks a major milestone in the company’s overseas upstream growth strategy and reinforces its commitment to strengthening India’s energy security through reliable and sustainable access to hydrocarbon resources.
BPCL is India’s second-largest oil marketing company with integrated operations across the upstream and downstream oil and gas value chain. The company operates refineries with a combined capacity of 35.3 MMTPA, a nationwide network of over 25,300 fuel stations, more than 6,800 EV charging stations, and has set a target of becoming a Net Zero Energy Company by 2040 for Scope 1 and Scope 2 emissions.
