Videocon, BPCL buy Brazilian firm

Mumbai: Videocon Industries and Bharat PetroResources, a wholly-owned subsidiary of Bharat Petroleum Corporation, has completed the acquisition of Brazilian company, EnCana Brasil Petroleo for $165 million.

The joint venture will also be paying $118 million as reimbursement of all the expenses of EnCana since January 1, 2007, talking the final deal amount to $283 million.

Encana's assets comprise of 10 deep water offshore petroleum blocks in four Concessions in Brazil.