India’s Videocon Industries Ltd plans to invest $2.5 billion in oil and gas ventures in Brazil over the next two to three years, the consumer electronics-to-energy group’s chief said, as part of its strategy to boost the business.
“Brazil oil finding is four timesbra higher than the largest oil field in India … It’s just (the) beginning,” billionaire Venugopal Dhoot told Reuters at the sidelines of an industry event.
A consortium that includes Videocon and Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) earlier this year discovered new light crude oil in the Sergipe basin off Brazil’s northeast coast.
Videocon, which gets most of its revenue from its consumer durables business, has expanded its oil and gas business in recent years with investments in countries including Australia and Indonesia.
In the next three years, Videocon, which also has interests in telecoms and power, will be known as an oil and gas firm, Dhoot told India’s Mint newspaper last month.
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