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

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..