Videocon chairman Venugopal Dhoot said that the investment is a part of the company’s plan to boost its business and become a major energy producer.
Reuters cited Dhoot as saying: "Brazil oil finding is four times higher than the largest oil field in India … It’s just (the) beginning."
Through a joint venture with an upstream unit of Indian refiner Bharat Petroleum, Videocon currently owns interests in ten exploration blocks in Brazil, reported Bloomberg.
Majority of these blocks are operated by Brazilian state-run oil company Petroleo Brasileiro (Petrobras). The two companies have discovered a new light crude oil in the Sergipe basin off Brazil’s northeast coast, earlier this year.
Last month, people familiar with the matter told Bloomberg that Petrobras is considering divesting its stakes in some concessions, including pre-salt blocks in order to reduce its $125bn debt.
As part of this effort, Petrobras has invited potential bidders involving small group of international companies, with offshore experience.
