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finance | IST

12 suitors line up for Videocon; banks see only 3-4 as serious players

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13 Videocon Group companies are currently undergoing insolvency proceedings as a consolidated group.

At least 10-12 suitors have submitted an Expression of Interest (EOI) to acquire Videocon Group, people aware of the development told CNBC-TV18.

13 Videocon Group companies are currently undergoing insolvency proceedings as a consolidated group, including Videocon Industries, Videocon Telecommunications, Electroworld Digital Solutions, Century Appliances, Evans Fraser & Co, CE India, PE Electronics, Sky Appliances among others.

Prominent among these suitors are Anil Agarwal's Vedanta Group, GAIL, Haldiram's, Polytron brand promoted by Indonesia-based Hartono family, and Dixon India, said the sources, on the condition of anonymity.

Most of the other potential suitors may not meet the lenders' shortlist criteria, as they are much smaller players that may not have the appetite to take over Videocon assets and large debt, said a banking executive aware of the talks.

All the players that have submitted an EoI will now be allowed access to the data room to firm up their bids by next month, after which lenders will invite final bids for the company, added a person in the know.

State Bank of India is the largest lender to Videocon Group, with almost Rs 12,000 crore of exposure. Videocon Industries was among the second list of large defaulters identified by Reserve Bank of India to be sent to NCLT under the Insolvency and Bankruptcy Code for resolution.