IndianMascot
Core Member
Banks are putting pressure on the promoters of debt-laden Videocon Industries Ltd to strip some of its assets in order to lighten its debt burden of over Rs 43,000 crore as the consumer electronics-to-energy major has slipped into financial stress amid aggressive diversification.
Keeping a hawk eye on the company's repayment schedule, banks have identified businesses that the group could put up for sale. The Dhoots have been asked to monetise the Kenstar brand from its consumer electronics division, hive off real-estate assets, sell a part of their overseas assets in oil and gas, and get rid of their DTH business.
The company's low-cost housing projects and land bank could be carved out to a special purpose vehicle (SPV) and sold, a senior banker privy to the Joint Lender Forum (JLF) meeting held on June 15, told dna. The company has land banks in cities like Mumbai, Pune, Kolkata, Hyderabad and Hubli.
Bankers say that they are conducting a survey of the group's overseas oil assets to monetise them as oil prices have started moving up. The survey is being conducted in eight oil and gas assets in Brazil, Indonesia and East Timor.
Banks ask Videocon to sell some assets to tide over Rs 43,000 crore debt | Latest News & Updates at Daily News & Analysis
Keeping a hawk eye on the company's repayment schedule, banks have identified businesses that the group could put up for sale. The Dhoots have been asked to monetise the Kenstar brand from its consumer electronics division, hive off real-estate assets, sell a part of their overseas assets in oil and gas, and get rid of their DTH business.
The company's low-cost housing projects and land bank could be carved out to a special purpose vehicle (SPV) and sold, a senior banker privy to the Joint Lender Forum (JLF) meeting held on June 15, told dna. The company has land banks in cities like Mumbai, Pune, Kolkata, Hyderabad and Hubli.
Bankers say that they are conducting a survey of the group's overseas oil assets to monetise them as oil prices have started moving up. The survey is being conducted in eight oil and gas assets in Brazil, Indonesia and East Timor.
Banks ask Videocon to sell some assets to tide over Rs 43,000 crore debt | Latest News & Updates at Daily News & Analysis
