Adani, Jindal Power submit EoIs for Videocon Industries domestic business

A source close to development told Zee Business “These two companies only have shown interest in domestic business of Videocon”.

Adani and Jindal Power have not responded to the query mail sent by Zee Business.

Insolvency and bankruptcy process of Videocon Industries is getting lukewarm response. Only Adani group and Jindal Power Limited have submitted expression of interest (EoI) for Videocon Industries and twelve subsidiary companies.

Adani group has submitted expression of interest through its subsidiary for Videocon’s Industries domestic business. Jindal Power Limited has also submitted EoI for Videocon. WATCH | Click on Zee Business Live TV Streaming Below:

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A source close to development told Zee Business “These two companies only have shown interest in domestic business of Videocon”.

Committee of Creditors will meet on February 12 for discussing on the submitted EoI.

Another source told Zee Business “Bidders are showing interest in the company due to large real estate parcel and white goods manufacturing facilities. Another reason is Videocon has 25 percent of participating interest in Ravva Oil field”.

Ravva Oil Field has estimated reserve of 14.3 MMBOE. In this reserve which is at KG Basin, East coast, near Andhra Pradesh, ONGC has 40 percent stake. While Ravva Oil (Singapore) holds 12.5 percent and Vedanta (Oil and Gas) operator owns 22.5 percent stake.

As per sources Videocon has lucrative real estate parcel mainly in Delhi, Mumbai, and other parts of Maharashtra and Gujarat. In Delhi, company has 27,000 feet land parcel in western Delhi. In Mumbai, company has several commercial real estate properties and flats in South Mumbai.

Company has 16 guest houses in Aurangabad and 2.46 acres land parcel in Ahmednagar. In Gujarat, company has leasehold industrial land also.

Along with this, Videocon Industries has INLD and NLD telecom license of which will expire in March 2029.

Adani and Jindal Power have not responded to the query mail sent by Zee Business.

In the Videocon, out of total claim of Rs 71,433 crores and around Rs 64838 crores claims were admitted. In 2018, CIRP started and in August 2019 National Company Law Tribunal appointed resolution professional.

In June 2021, NCLT approved the resolution plan submitted by Anil Agarwal promoted company Twin Star Technologies Limited. However, Twin Star bid amount was around Rs 2962 crores which was set aside by National Company Law Appellate Tribunal and asked to reprocess the process of bidding.

Resolution plan of Videocon Industries was challenged by dissenting financial creditors Bank of Maharashtra and IFCI, as the dissenting financial creditors were upset with the low realisation in the process. Videocon Industries was among the RBIs list of 12 companies to be taken to NCLT, lenders had dragged the Videocon Industries in 2017 in NCLT.

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Adani Videocon Industries