- Monday, February 24, 2025
By: Shubham Ghosh
INDIAN lenders have shown interest from 11 bidders, including Wintershall Dea GmbH of Germany, PetroRio SA of Brazil and India’s Vedanta for Videocon Industries’ (VIL’s) Brazil assets, valued at $2 billion.
If it goes off successfully, the lenders will get an additional Rs 15,000 crore from VIL’s debit resolution, hence taking their recovery to more than 40 per cent.
Vedanta holding firm has bagged mandate to buy Videocon’s Indian assets
Vedanta’s holding firm Twin Star Technologies has already bagged the mandate to buy Videocon’s Indian assets for Rs 3,000 crore and has offered a six per cent stake in VIL to the lenders.
Last month, bankruptcy court NCLT (National Company Law Tribunal) allowed Twin Star to take over Videocon Industries Ltd. Twin Star will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time, it was reported then.
A two-member Mumbai branch of the NCLT approved the resolution plan by Twin Star Technologies.
Anoop Rawat, partner at Shardul Amarchand Mangaldas told agencies then: “The NCLT has today approved the resolution plan” filed by Twin Star Technologies. He was helping the resolution professional of Videocon Industries into the matter.
Videocon Industries also confirmed the development through a regulatory filing.
Soon after the NCLT’s approval of the acquisition, the Vedanta Group said it will make an upfront payment of almost $40 million for the acquisition of Videocon Industries Ltd, which will help it become the largest shareholder in the Ravva oil and gas fields in the Krishna Godavari basin in the eastern coast of India.
