ONGC Videsh Ltd ( OVL ) has acquired an oilfield in Colombia for 425 million dollars this month. They bought this from from a private company. OVL bought this oilfield in a joint venture with a Chinese oil company who paid another 425 million dollars. If u cannot beat them , join them !!! The oil field is already producing about 20,000 bpd and has the potential to yield upto 60,000 bpd.
Earlier, Reliance had acquired 2 off-shore blocs in the pacific side of Colombia for exploration.
In April 2006, OVL bought an offshore oil field in Brazil for over 400 million dollars.
OVL signed a contract with the Cuban government for exploration in 2 offshore oil blocks. OVL has also got a 30 percent share in six other Cuban offshore blocks in the consortium lead by Repsol.
BEML signed a MOU on 12 Sept with CCCE a Brazilian company for setting up a plant for production of railway wagons, mining and earthmoving equipments, near Rio. BEML will invest about 20 million dollars in this venture. The railway wagons will be supplied to CVRD, the Brazilian mining company. BEML will use the Rio plant as a platform for exports to the whole of Latin America.
Reliance, Bajaj Hindustan ( has earmarked 500 million dollars and has already formed a Brazilian subsidiary ), Rajshree sugarmills, Renuka sugar mills and Godavari sugar mills and some Indian public sector oil cos are pursuing acquisition of sugar and ethanol plants and sugarcane estates in Brazil, which is a low-cost and high productive manufacturer of sugar and ethanol.
Wokhardt and Ajantha pharma are looking for acquisition of pharma cos in Brazil.
Bilcare, a pune-based pharma packaging company is planning to put up a greenfield plant to produce pharma packaging materials in Brazil. They already have plants in Singapore and USA. The young and visionary CEO Mr Bhandari wants to take his company to the top five in the world in the next few years.
Aditya Birla Group is on the look out for mining ventures in the region.