Videocon to bid for Daewoo
Indian diversified Videocon Industries Ltd will submit a bid to acquire South Korean appliances maker Daewoo Electronics.india Updated: Feb 25, 2006 15:28 IST
Indian diversified Videocon Industries Ltd will submit a bid to acquire South Korean appliances maker Daewoo Electronics, the Indian company's chairman said on Friday.
"The merchant bankers of Daewoo's creditors have approached us and we have decided to throw our hat in the ring," Venugopal Dhoot said.
Unlisted Daewoo Electronics is 97 per cent owned by creditors, including Korea's state-run Korea Asset Management Corp and Woori Bank, a unit of Woori Financial Group.
Videocon, which makes television sets, picture tubes, washing machines, refrigerators, also has interests in and oil and gas exploration and production.
Dhoot said the company aimed to spend 1 billion rupees in the coming fiscal year to March 2007 on oil and gas operations.