A Vedanta affiliate company and US-based Eight Capital<\/a> are among a group of 11 bidders who have submitted binding offers for Videocon Industries<\/a> that are undergoing insolvency proceedings at the national company law tribunal<\/a> (NCLT<\/a>), according to people aware of the matter.
Delhi-based television sets manufacturer Dixon Technologies<\/a> is also amongst the bidders, according to these people.
The bids were disclosed at a bankers meeting on Wednesday.
The bids will be vetted for legal compliance before they are opened and the financial offers discussed, according to banking sources.
Videocon’s promoters, the Dhoot family, have also submitted a competing offer for the company to the lenders consortium led by State Bank of India, according to these sources but the offer was described as a ‘non-starter’ by one of the bankers.
The SBI-led consortium is looking to recover Rs. 20,000 crore in dues from the company.
A Vedanta affiliate company and US-based Eight Capital<\/a> are among a group of 11 bidders who have submitted binding offers for Videocon Industries<\/a> that are undergoing insolvency proceedings at the national company law tribunal<\/a> (NCLT<\/a>), according to people aware of the matter.
Delhi-based television sets manufacturer Dixon Technologies<\/a> is also amongst the bidders, according to these people.
The bids were disclosed at a bankers meeting on Wednesday.
The bids will be vetted for legal compliance before they are opened and the financial offers discussed, according to banking sources.
Videocon’s promoters, the Dhoot family, have also submitted a competing offer for the company to the lenders consortium led by State Bank of India, according to these sources but the offer was described as a ‘non-starter’ by one of the bankers.
The SBI-led consortium is looking to recover Rs. 20,000 crore in dues from the company.
\"Vedanta Limited has not submitted any proposal\", a Vedanta Limited spokesperson said. Eight Capital and State Bank of India were yet to respond to ET’s queries. Dixon Technologies could not be reached for comment.
Some of the binding offers are for the entire company and to keep Videocon running as a going concern while a few offers are for individual assets of the company such as its real estate, according to sources.
Videocon owns a stake in the prized Ravva oilfield in Krishna-Godavari basin, along with a consumer and home appliances business with four manufacturing plants. The company also owns prime commercial real estate and has a telecom arm, albeit non-operational.
Videocon’s insolvency has been mired in litigation since SBI first dragged the company to the National Company Law Tribunal (NCLT) two years ago. The lender initially filed 15 separate petitions for insolvency proceedings against Videocon and its various arms but subsequently wanted to consolidate the proceedings after feedback from potential suitors suggested all the arms had inter-linked operations.
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