IVRCL Infrastructure Acquires Alkor Petroo

VRCL 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. 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.