In what is to be seen as a deal of profit, India's Videocon Industries Ltd, one of the leaders in India’s consumer electronics struck gold with Bharat PetroResources when the alliance found an Oil field in Brazil’s province.

The country’s second biggest refiner, Bharat Petroleum Corp holds 25 percent stake in the offshore block. This partnership has already bought ten deepwater offshore exploration blocks and the newly found block is located at Campos Basin in Brazil.

On the discovery, the Videocon's Chairman Venugopal Dhoot said excitedly, "We have discovered oil in Brazil, it is a very oil-rich area. The nearby field has already declared 7 billion barrels of oil." 

Videocon industries, which already hold stakes in other countries oil fields such as Indonesia, Australia and Oman, have acquired this recent offshore block for $283 million.