Indian industrial conglomerate Videocon said on Monday that it plans to sell a 26% stake in subsidiary Videocon Telecommunications once valuation for that business reaches Rs. 150bn (US$3.2bn), according to media reports.
Videocon chairman V N Dhoot was…
Indian industrial conglomerate Videocon said on Monday that it plans to sell a 26% stake in subsidiary Videocon Telecommunications once valuation for that business reaches Rs. 150bn (US$3.2bn), according to media reports.
Videocon chairman V N Dhoot was quoted telling delegates at a business event that the company was currently in talks with foreign firms, but declined to comment on valuation figures. In June, the Economic Times newspaper estimated that the business was worth about Rs. 120bn (US$2.5bn).
Dhoot was also cited saying that investors from the US, Europe and Japan had tried to enter the Indian market but failed on account of valuation issues. According to the Economic Times, earlier Videocon takeover discussions with the UAE’s Etisalat and Turkey’s Turkcell also stumbled over valuation.
In March, the Videocon launched Indian mobile services using GSM technology, becoming the country’s thirteenth mobile operator.
The company could not be reached for comment.
