BPCL raises stake in Brazil’s IBV to 100% with ₹2,312 crore deal

State-run Bharat Petroleum Corporation Ltd. (BPCL) has completed the acquisition of the remaining 39.14% stake in IBV Brasil Petroleo Limitada (IBV) for ₹2,312 crore, taking its indirect shareholding in the Brazilian oil and gas company to 100%.In an exchange filing on Thursday, BPCL said its indirect wholly owned subsidiary, BPRL Ventures B.V., increased its stake in IBV from 60.86% to 100% following the completion of the acquisition on July 1, 2026.

IBV is a Brazil-registered company engaged in the exploration and production of oil and gas. BPCL said the acquisition will provide access to additional equity oil and gas, thereby contributing to India’s energy security.
The company added that concurrence from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog had been received for the acquisition.
Earlier on June 29, State-run firm had signed an agreement to acquire a 40% stake in Tiki Tar and Shell India Pvt Ltd for ₹85 crore, marking another step in strengthening its presence in the bitumen and road infrastructure materials segment.Tiki Tar and Shell India manufactures and markets a range of bitumen-based products used in road construction and maintenance, including modified bitumen, emulsions and other value-added products.

These announcement comes weeks after BPCL reported a mixed set of earnings for the March quarter. The company posted a net profit of ₹3,192 crore, lower than market expectations, largely due to a ₹4,349 crore exceptional impairment charge related to investments in subsidiary Bharat PetroResources Ltd (BPRL).

Shares of Bharat Petroleum Corporation Limited ended 2.19% higher at ₹310.85 on the NSE on Thursday.

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