IVRCL Infrastructure acquires Alkor Petroo

IVRCL Infrastructures & Projects Limited has informed the stock exchanges that it has entered into a share purchase agreement with Alkor Petroo, last week. As per the share purchase agreement, IVRCL Infrastructure will acquire 100 of the shares in Alkor Petroo which is an unlisted closely held pvt ltd company. Alkor Petroo is an oil exploration company which has 5 oil exploration blocks in Yemen and Egypt. Through this acquisition, IVRCL Infrastructure enters the oil exploration industry which is a high risk – high returns game.