BPCL paid up for defaulting partner Videocon to defend Brazilian JV, says CMD
Divestment-bound Bharat Petroleum on Monday defended it paying USD 54 million on behalf of its bankrupt partner Videocon group in its Brazilian joint venture, saying it was to defend the asset and to follow the law of the land and that the move has increased its stake in the JV to over 54.5 per cent now.
The company also said it will continue to protect the Brazilian asset meaning it will continue to make more payments on behalf of the Videocon group which has gone bankrupt and is in NCLT since 2018.
