Videocon shares surge 5% on Brazilian co acquisition

MUMBAI: Videocon shares soared more than 5 per cent after it said its joint venture with Bharat PetroResources has completed the acquisition of Brazilian oil assets of Encana Corp for $165 million.

A further payment of $118 million was made for the expenses of EnCana Brasil PetroleoLimitad, which has ten deepwater offshore exploration blocks, it said.

The acquisition was made through VB (Brasil) Petroleo Private Ltd Bharat PetroResources is owned by Bharat Petroleum Corp Ltd, a state-owned Indian oil refiner

EnCana Brasil Petroleo 's assets are ten deep water offshore petroleum exploration blocks in four Concessions in Brazil. Petroleo Brasileiro, the national oil company of Brazil is the operator in three of these four concessions whereas Anadarko Corporation, USA through its Brazilian subsidiary is the operator in one remaining concession.

At 11:30 am, the company's shares rose 5.01 per cent to Rs 228.25 after soaring to a high of Rs 233.20.