Bloomberg: Indian Tycoon Plans to Invest $2.5 Billion in Brazil Oil and Gas
Videocon Industries Ltd., an Indian maker of consumer electronics with ambitions to become a major energy producer, plans to invest as much as $2.5 billion over three years in Brazilian oilfields, Chairman Venugopal Dhoot said.
The scope for oil from its blocks in the South American country is four times higher than the largest field in India and the company will pursue expanding its energy operations there, the billionaire said in an interview in London.
“It is just the beginning,” said Dhoot, who sold Videocon’s 10 percent stake in a Mozambique natural gas field for $2.5 billion to two state-owned Indian explorers in 2013.
Dhoot, 64, is seeking to reposition Videocon as an oil & gas explorer with stakes in at least eight hydrocarbon blocks in countries including Indonesia and East Timor. It is exploring “more and more,” with mergers and acquisitions being one of the key opportunities, the company said in its annual report last month. MORE