Videocon assets up for grabs

摘要

THE State Bank of India (SBI) has formally invited bids for overseas oil and gas assets of Videocon Industries as India seeks to recover billions of dollars-worth of loans from the cash-strapped private company. SBI has appointed consultant Deloitte to find buyers for Video-con's E&P assets in Brazil and Indonesia and initial applications are due for submission by 22 August. The Indian player holds stakes in four blocks in Brazil - including a 40% interest in BM-SEAL-11 - through an equal joint venture, IBV Brasil Petroleo, with compatriot Bharat Petroleum. Brazil's state-owned Petrobras operates three of these four blocks.