Videocon Industries Limited is an Indian multinational conglomerate, headquartered in Mumbai. The group had 17 manufacturing sites in India and plants in Mainland China, Poland, Italy and Mexico. It was the third largest picture tube manufacturer in the world valued at US$5.5 billion.
Who owns Videocon now?
Anil Agarwal’s Vedanta Group will now be the owners to Venugopal Dhoot’s empire of Videocon companies. National Company Law Tribunal approved Anil Agarwal-backed Twin Star Technologies’ bid to acquire Videocon Industries Ltd for ₹2,900 crore.
What went wrong with Videocon?
Beginning of the End
So, it made business sense for Videocon to diversify into unexplored territories. This diversification led to aggressive borrowings for the company, which led them into a debt trap in a span of 10 years. … Hence, the company then tried to control their debts by divesting their business.
What is the status of Videocon company?
Videocon is under corporate insolvency resolution process under the Insolvency and Bankruptcy Code and since September its affairs, business and assets are being managed by resolution professional Abhijit Guhathakurta.
Who is the chairman of Videocon Group?
Venugopal Dhoot (born in Mumbai, India) is an Indian businessman. According to Forbes magazine, his wealth in 2015 was $1.19 billion, the 61st richest person in India. He is the founder, chairman and managing director of Videocon.
Is Anil Agarwal buying Videocon?
The Mumbai bench of the National Company Law Tribunal on Tuesday approved the resolution plan submitted by Anil Agarwal-owned Twin Star Technologies for acquiring Videocon Industries Ltd.
Who is purchasing Videocon?
The National Company Law Appellate Tribunal (NCLAT) has stayed the acquisition of Videocon group by Vedanta group’s Twinstar Technologies through the insolvency process, on an appeal filed by the Bank of Maharashtra.
Why Videocon is shutting down?
The Videocon group fell into a financial crisis after the Supreme Court cancelled its wireless telephony licence in 2012 and the group’s flagship company Videocon Industries’ investment in the telecom arm turned bad. … According to the NCLT order, shares of Videocon Industries (VIL) and Value Industries will be delisted.
Is Videocon delisted?
Videocon Industries Ltd and Values Industries Ltd will be delisted as part of the resolution plan approved for the bankrupt-Videocon group. … Videocon Industries has fixed June 18, 2021 as the ‘record date’ for the purpose of delisting of equity Shares from the BSE and the NSE.
Who take over Videocon Industries?
Billionaire Anil Agarwal’s Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders.
Is Venugopal Dhoot Marwari?
Venugopal Dhoot Edit Profile
He was born in a Marwari-Maheshwary family. The Maheshwary community hail from Rajasthan, and are known for producing most of India’s finest entrepreneurs and industrialists.