Haldiram’s, Vedanta and Indonesian billionaire Robert Hartono are among the eight competitors for acquiring Videocon Industries under the Insolvency and Bankruptcy Code (IBC) framework for resolution of stressed companies, according to people familiar with the matter. Other interested parties are said to include strategic and financial investors, and a state-run oil and gas company, according to banking sources.
The process to find a buyer for Videocon started in August. All parties have submitted formal expressions of interest (EoI) and will soon start due diligence. Despite the diversified nature of Videocon’s operations, all potential bidders are expected to submit a comprehensive resolution plan and not bid for assets or business verticals piecemeal. Read More
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