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Vedanta, US-based Eight Capital submit binding offers for Videocon

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A Vedanta affiliate firm and US-based Eight Capital are amongst a gaggle of 11 bidders who’ve submitted binding offers for Videocon Industries which are present process insolvency proceedings on the nationwide firm regulation tribunal (NCLT), based on folks conscious of the matter.

Delhi-based tv units producer Dixon Applied sciences can be amongst the bidders, based on these folks.

The bids had been disclosed at a bankers assembly on Wednesday.

The bids can be vetted for authorized compliance earlier than they’re opened and the monetary offers mentioned, based on banking sources.

Videocon’s promoters, the Dhoot household, have additionally submitted a competing supply for the corporate to the lenders consortium led by State Financial institution of India, based on these sources however the supply was described as a ‘non-starter’ by one of many bankers.

The SBI-led consortium is seeking to get well Rs. 20,000 crore in dues from the corporate.

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“Vedanta Restricted has not submitted any proposal”, a Vedanta Restricted spokesperson mentioned. Eight Capital and State Financial institution of India had been but to answer ET’s queries. Dixon Applied sciences couldn’t be reached for remark.

Among the binding offers are for the complete firm and to maintain Videocon operating as a going concern whereas a couple of offers are for particular person belongings of the corporate similar to its actual property, based on sources.

Videocon owns a stake within the prized Ravva oilfield in Krishna-Godavari basin, together with a shopper and residential home equipment enterprise with 4 manufacturing crops. The corporate additionally owns prime business actual property and has a telecom arm, albeit non-operational.

Videocon’s insolvency has been mired in litigation since SBI first dragged the corporate to the Nationwide Firm Regulation Tribunal (NCLT) two years in the past. The lender initially filed 15 separate petitions for insolvency proceedings towards Videocon and its varied arms however subsequently wished to consolidate the proceedings after suggestions from potential suitors steered all of the arms had inter-linked operations.

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