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Our Bureau

Hyderabad, Nov. 12

IVRCL Infrastructure and Projects Ltd, which has announced foray into oil and gas exploration business, has acquired the city-based unlisted company Alkor Petroo Ltd.

The company signed a share purchase agreement on Sunday to acquire all the shares of Alkor for a consideration of Rs 6 crore. It envisaged Rs 8.5 crore for taking care of liabilities and investments, according to a company official.

In addition, the company planned to invest about Rs 200 crore during the exploration phase.

Alkor had five exploration blocks in Yemen and Egypt along with Gujarat State Petroleum Corporation Ltd (GSPC) and others. GSPC is the operator for all the five blocks.

The seismic data will be acquired in all the blocks early next year.

Alkor had 25 per cent participating interest in Yemen and 20 per cent in Egypt in the joint venture initiative.

Two of the blocks (Block 19 in Yemen and Block 6 in Egypt) had a potential of over $1 billion during the life of the blocks. The revenues for other blocks are under evaluation, he said. The block 19 had a potential of 143 million barrels and 17 billion cubic feet.

More Stories on : Mergers & Acquisitions | Petroleum | Real Estate & Construction | Diversification

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