BPCL to match Brazilian offers for Videocon's oil basins

23 May 2023 CW Team

Bharat Petroleum Corp (BPCL) has agreed to match offers given by Brazilian companies for two separate oil basins of Videocon Oil Ventures Ltd (VOVL). VOVL is undergoing corporate insolvency.

BPCL's subsidiary BPRL Ventures BV has a 50% stake in VOVL. As a JV partner, it has the first right to match any offer that lenders receive for VOVL oil basins.

In April, 90% of VOVL's lenders voted to sell the Potiguar Basin and Sergipe Basin to Eneva for $250 million. They voted to sell the Campos Basin to PetroRio for $30 million.

BPCL has until May 30 to match the offers. If it does, the sale will go ahead. If it does not, the sale will go to Eneva and PetroRio.

VOVL's lenders are expected to recover around 8% of their loans if the sale goes ahead.

Also Read
India Makes History: 100 km road constructed in 100 hours
NHAI issues tender for NH 56 expansion in Gujrat

Real Estate

08 May 2026

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..