State Bank of India (SBI) has sought expressions of interest (EoIs) for the sale of overseas oil and gas assets owned by Videocon Oil Ventures (VOVL) on behalf of a consortium of lenders, according to a public notice. This is the second time since October 2018 that banks have sought EoIs for these assets.
While SBI Capital Markets (SBICaps) was managing the process for lenders the last time, Deloitte Touche Tohmatsu India has been mandated to carry out the fresh process.
The sale will be carried out to monetise upstream oil and gas assets located in Brazil and Indonesia belonging to VOVL, which is a subsidiary of Videocon Industries. The parent company is currently undergoing the corporate insolvency resolution process (CIRP).
