September 29, 2020

UK-based family workplace makes Rs 2,200 crore provide for Videocon Industries



New Delhi: A UK-based family workplace has made a proposal of Rs. 2200 crore to Videocon’s lenders for a takeover of the corporate as a going concern, in keeping with individuals conscious of the matter.

The family workplace has made a proposal by way of a London-based entity, V Form Capital. The identification of the households whose wealth is managed by this family workplace is unknown.

The one particulars accessible on the web site of UK’s firm home, the company registry of that nation, reveals that V Form Capital has two administrators, each of Indian origin, Ajit Kumar and Suresh Chandra Pandya.

The provide is amongst eleven bids {that a} State Financial institution of India-led consortium of banks are presently evaluating, in keeping with banking sources.

V Form Capital couldn’t be reached for remark. State Financial institution of India didn’t reply to ET’s queries.

Videocon Industries has a debt of Rs. 30,000 crore. This features a principal quantity that it had borrowed from banks of Rs. 16,000 crore whereas the remainder is the curiosity part.

The lenders dragged Videocon Industries for insolvency proceedings two years in the past after an RBI directive. They’ve additionally filed a declare within the debt restoration tribunal to invoke private ensures of Videocon’s promoters Venugopal Dhoot and his brother and former Rajya Sabha member of parliament Raj Kumar Dhoot.

The opposite bidders for the corporate embody an affiliate of Vedanta group, US-based Eight Capital, Kotak’s personal fairness arm and a family funding agency of Bharti enterprises high honcho Akhil Gupta.

Videocon’s promoters have additionally made a proposal to the lenders for a settlement of the corporate’s debt.