If you have no unique separators and no fixed columns, then you are pretty limited in how you can do this.
for example, your data does not make it clear that your line consists of two values:
product id= id89et
place = india
I assume it does, and that any whitespace terminates the value, but with only two entries on a single line and the comment "etc" it is a dangerous assumption.
I would start with a regular expression: Read all the file into a string, try something like this:
Public Dim regex As Regex = New Regex( _
"(?<Key>.+?)=(?<Value>.+?)\s", _
RegexOptions.IgnoreCase _
Or RegexOptions.Multiline _
Or RegexOptions.Singleline _
Or RegexOptions.CultureInvariant _
Or RegexOptions.IgnorePatternWhitespace _
Or RegexOptions.Compiled _
)
Dim ms As MatchCollection = regex.Matches(InputText)
For Each m As Match In ms
Console.WriteLine(m.Groups("Key").Value)
Console.WriteLine(m.Groups("Value").Value)
Next