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Videocon Group Of Anil Agarwal Will Be The New Owner Of The Plan To Sell Videocon – The National Company Law Tribunal (NCLT), a bankruptcy court, has approved the sale plan of Videocon Industries, a 35-year-old company in trouble. Billionaire Anil Agarwal’s company Twin Star Technologies will pip out for about Rs 2,962 crore.
Videocon Group Of Anil Agarwal Will Be The New Owner Of The Plan To Sell Videocon
Videocon Group also features a debt of about Rs 31,000 crore. consistent with the plan, Twin Star, a Vedanta Group company, will make an advance payment of around Rs 500 crore within 90 days and pay the remainder within the sort of non-convertible debentures within a period of your time .
Aggarwal out on shopping
Upon completion of the transaction, this may be Anil Agarwal’s third asset purchase under the Indian Bankruptcy Code after Electrosteel Steels and Ferro Alloys Corporation.
Vedanta has shown interest in group companies thanks to Videocon’s 25 per cent stake within the Rava oil field. After this acquisition, Vedanta will have 47.5 per cent stake in Rawa oil field. With this, it’ll become a much bigger shareholder than ONGC’s 40 per cent stake.
Videocon Group Of Anil Agarwal Will Be The New Owner Of The Plan To Sell Videocon
A two-member Mumbai bench of the National Company Law Tribunal (NCLT) approved the proposal plan of dual Star Technologies. The bench included HP Chaturvedi and Ravikumar Duraisamy.
Videocon was started in 1986
Videocon Industries was started in September 1986. After this it became the primary company in India to urge a license to manufacture color TVs. within the year 1990, the corporate expanded its portfolio and began manufacturing ACs, Washing Machines and Refrigerators.
In the year 2020, the group forayed into Oil & Gas, Telecom, Retail and DTH TV. the corporate borrowed for these projects and therefore the interest burden thereon increased.
