Haldiram, the country’s largest snack maker, is about to buy Videocon Industries. According to media reports, a total of 8 investors, including Haldiram, Vedanta and Indonesian billionaire Robert Hortono, have expressed their desire to buy Videocon Industries, which is being sold under the Bankruptcy Law. According to a report in the Economic Times, eight investors have formally submitted Expression of Interest. Soon the due diligence will be launched in this regard.
The formal launch of Videocon was launched in August. The videocon industry trade is spread across several sectors. But it owes him Rs 20,000 crore debt. 122 telecom licenses received by several local and international operators increased the financial difficulty of video conference being rejected by the Supreme Court six years ago. The company also included licenses and spectrum operators for mobile telephony offerings. Also, Videocon suffered a loss in the oil trade.
Whom the company tried to dispose of some of its assets. But he did not succeed. The bank also sought settlement under various schemes in 2016. In addition, a CBI inquiry is also underway against Venugopal, chairman of Videocon Industries. According to the media report, investors interested in Videocon include strategic and financial investors, excluding a government oil and gas company. Indonesia’s Hartu family has also shown interest in buying a company.
According to media reports, sold under the insolvency law Videocon Industries (Videocon Industries) to buy Haldiram (Haldiram) , Vedanta (Vedanta) and billionaire Robert Hartono of Indonesia (Indonesian billionaire Robert Hartono) eight investors, including the expressed wish | According to a report in the business newspaper Economic Times English, eight investors formal Expressions of Interest (EoI) is deposited | They can soon start due diligence (check the company before the deal). The process of finding a buyer for Videocon started formally in August. Videocon Industries (Videocon Industries)The business is spread in many areas. The company owes Rs 20,000 crore to a group of lenders led by State Bank of India, after which it declared itself bankrupt.
Videocon was engulfed in economic problems after the Supreme Court rejected 122 telecom licenses received by many local and international operators six years ago. The company has been involved in operators applying large amounts of licenses and spectrum for mobile telephony offerings.
Videocon Industries was in crisis due to losses in the oil business. The company tried to repay the bank loan by selling some assets, but it did not get much success in it. Banks were trying solutions under various schemes since 2016.
A Central Bureau of Investigation (CBI) is also going on against Videocon Industries chairman Venugopal Dhoot. This case is related to Deepak Kochhar, husband of ICICI Bank MD Chanda Kochhar. Media reports state that the rest of the investors interested in Videocon, apart from a government oil and gas company, Strategic and financial investors are included. The Hartono family of Indonesia are also keen to buy a stake in the company. The Hartono family owns Indonesia’s largest bank and tobacco company and is bidding through one of the holding companies set up for its electronics business. The family is among the five richest families in Asia with a net worth of $ 38 billion. A case involving insolvency involving Videocon has been surrounded by litigation since the company was dragged into the NCLT last year by SBI. SBI initially filed 15 separate petitions against the company to initiate the Insolvency Proceedings, but started trying to consolidate the Proceedings on the basis of feedback from potential buyers about the functioning of all the units of each other.