Need to parse lines in a file into two words and assign the values to two variables

Shell Programming and Scripting
1

For example, I have a file with below lines containing VOB tags and VOB paths.

* /vobs/fts/FTSUSM20_VOB  /ccvobsslx01/projects/vobs/eml/FTSUSM20_VOB 
* /vobs/fts/FTS20_VOB  /ccvobsslx01/projects/vobs/eml/FTS20_VOB 
* /vobs/pmv/PMS_VOB    /ccvobsslx01/projects/vobs/cpm/_/PMS_VOB 
* /vobs/compub/TMNcompub  /ccvobsslx01/projects/vobs/cpm/_/TMNcompub 
* /vobs/PARSER.vob0    /ccvobsslx01/projects/vobs/eml/PARSER.vbs
* /vobs/SH5.vob0       /ccvobsslx01/projects/vobs/eml/_/SH5.vob0 
* /vobs/SH5.vob1       /ccvobsslx01/projects/vobs/eml/_/SH5.vob1

Here, I need to parse each line and assign VOB TAG as a separate variable and VOB path as a separate variable.
vobs/fts/FTSUSM20_VOB should be the first variable.
/ccvobsslx01/projects/vobs/eml/FTSUSM20_VOB should be the second variable

Can the delimiter be a 'space' and / ?

After this, I will perform some operations with the VOBs..

Pls help me out if possible.

2 
$ sed 's,^,var1=,g;s, ,; var2=,1' input_file
var1=/vobs/fts/FTSUSM20_VOB; var2=/ccvobsslx01/projects/vobs/eml/FTSUSM20_VOB
var1=/vobs/fts/FTS20_VOB; var2=/ccvobsslx01/projects/vobs/eml/FTS20_VOB
var1=/vobs/pmv/PMS_VOB; var2=/ccvobsslx01/projects/vobs/cpm/_/PMS_VOB
var1=/vobs/compub/TMNcompub; var2=/ccvobsslx01/projects/vobs/cpm/_/TMNcompub
var1=/vobs/PARSER.vob0; var2=/ccvobsslx01/projects/vobs/eml/PARSER.vbs
var1=/vobs/SH5.vob0; var2=/ccvobsslx01/projects/vobs/eml/_/SH5.vob0
var1=/vobs/SH5.vob1; var2=/ccvobsslx01/projects/vobs/eml/_/SH5.vob1
3 
 
while read vob_tag vob_path
do
  #do your operation here
  echo $vob_tag
  echo $vob_path
done < inputfile
4

@ Jay -> How do I remove spaces in Var2..

var1=/vobs/fts/FTSSRVSNMP_VOB; var2=/ccvobsslx01/projects/vobs/eml/FTSSRVSNMP_VOB 
var1=/vobs/fts/FTSUSM20_VOB; var2=/ccvobsslx01/projects/vobs/eml/FTSUSM20_VOB 
var1=/vobs/fts/FTS20_VOB; var2= /ccvobsslx01/projects/vobs/eml/FTS20_VOB 
var1=/vobs/pmv/PMS_VOB; var2=   /ccvobsslx01/projects/vobs/cpm/_/PMS_VOB 
var1=/vobs/compub/TMNcompub; var2=/ccvobsslx01/projects/vobs/cpm/_/TMNcompub 
var1=/vobs/PARSER.vob0; var2=   /ccvobsslx01/projects/vobs/eml/PARSER.vbs 
var1=/vobs/SH5.vob0; var2=      /ccvobsslx01/projects/vobs/eml/_/SH5.vob0 
var1=/vobs/SH5.vob1; var2=      /ccvobsslx01/projects/vobs/eml/_/SH5.vob1
5

just removed the space in the code...

$ sed 's,^,var1=,g;s, ,;var2=,1' input_file