Mumbai: Adani Gautam Adani property and the power of Jindal Naveen Jindal has shown interest in the basic business of the Consumer Videocon Group that went bankrupt and a dozen other units.
Both of them entered the race after financial creditors Videocon invited offers for assets for the second time.
They have restarted the bidding process in the direction of the National Law Appellate Tribunal (NClat), which has set aside the Proposal of Anil Agarwal’s Vedanta Group winner for Videocon’s assets.
Agarwal, through Twin Star Technologies, has offered Rs 2,962 Crore for Videocon video assets by opposing RS 64,938-crore claims from financial creditors.
NCLat’s instructions followed after certain financial creditors from Videocon have challenged Agarwal’s secret offer for assets, which was approved by the National Law National Law (NCLT) and the majority of financial creditors.
Agarwal has challenged NClat’s orders at the Supreme Court on the grounds that the planned resolution of NCLT approved cannot be modified.
The Apex court is scheduled to hear the problem next week.
Adani and Jindal are interested in Videocon real estate and other assets.
Founded by Nandlal Madhavlal Dhoot, Videocon is the first Indian company to get a license to make a colored TV in 1986.
It has more than 400 hectares throughout the country, where more than half (230 hectares) are in Aurangabad, manufacturing hub in Maharashtra.
Videocon landed in financial problems because of the movement of aggressive expansion in various sectors, financed by loans.
Debt amounting to 7,000 crore in 2007 to more than RS 46,000 Crore in 2018, when SBI dragged Videocon to NCLT after failing to pay a loan.
The Dhoot family has offered a loan settlement plan of RS 31,789 Crore but the Financial Creditors Videocon has chosen agarwal offers for these assets.
Property Adani, was founded in May 1995, engaged in the Let-Out business and rental of non-moving property.
While Jindal Power, included in 1995, is 96% of subsidiaries of Jindal Steel & Power registered.
This produces thermal power with a capacity of 3,400mW in Tamnar in Chhattisgarh.
NCLlat has ordered the new bidding process for Videocon’s assets because it found that NCLT approved the agreed 2,962 agreed crore plan even though it increased concerns about the number close to the level of liquidation of Rs 2,568 Crore.
Adani, Jindal in the race for Videocon Ops
