The Adani group and Jindal Power have expressed their interest to acquire Videocon’s consumer durable business which was put on sale for the second time by the lenders.
The Adani group’s surprise entry into the race has raised hopes of the lenders who are now expecting an early resolution of Videocon’s Rs 64,000 crore of debt.
The second rounds of bids were ordered by the National Company Law Appellate Tribunal (NCLAT) which asked CoC to seek bids again as the bid by Vedanta sought 95 per cent haircut on Videocon Industries Ltd’s (VIL) total debt. Vedanta had offered Rs 3,000 crore against VIL’s massive debt.
A larget part of Vedanta offer consisted of non-convertible debentures to be issued to lenders. The upfront cash was Rs 200 crore leading to few lenders moving the NCLAT.
Reliance Industries has also entered a separate race to buy VIL’s oil and gas assets.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.