Videocon eyes Daewoo Electronics

The Indian consumer electronics firm is said to have submitted its final bid for the South Korean firm, on offer for sale.

Videocon Industries Ltd is believed to be in the race for acquiring South Korean consumer electronic goods maker Daewoo Electronics, which has been put on the block by its lenders.

HT Image

While sources familiar with the development said Videocon has submitted its final bid, company's Chairman Vengugopal Dhoot declined to comment.

Besides Videocon -- a leader in the domestic television and consumer electronics goods segment -- four others are understood to have made an offer for acquiring the South Korean television and home appliance maker.

Sources said the successful bidder for Daewoo Electronics could be announced later this month.

Daewoo Electronics has six plants in South Korea and 18 facilities elsewhere.