Saturday, Sep 19, 2020 | Last Update : 03:39 PM IST

179th Day Of Lockdown

Maharashtra114584081235431351 Andhra Pradesh6095585198915244 Tamil Nadu5309084757178685 Karnataka5029823940257808 Uttar Pradesh3362942632884771 Delhi2347011981034877 West Bengal2155801870614183 Odisha167161133466722 Telangana1670461353571016 Bihar164224149722855 Assam150349121610528 Kerala12221687341490 Gujarat119088999083271 Rajasthan109088906851293 Haryana103773816901069 Madhya Pradesh97906743981877 Punjab90032658182646 Chhatisgarh7777541111628 Jharkhand6710052807590 Jammu and Kashmir5971138521951 Uttarakhand3713924810460 Goa2678320844327 Puducherry2142816253431 Tripura2069612956222 Himachal Pradesh11190691997 Chandigarh92566062106 Manipur8430653951 Arunachal Pradesh6851496713 Nagaland5306407910 Meghalaya4356234232 Sikkim2119178923 Mizoram15069490
  Business   Companies  05 Aug 2019  SBI seeks bids for Videocon's overseas oil, gas assets

SBI seeks bids for Videocon's overseas oil, gas assets

REUTERS
Published : Aug 5, 2019, 12:57 pm IST
Updated : Aug 5, 2019, 1:12 pm IST

SBI said it had appointed consultant Deloitte to find buyers for Videocon’s exploration assets in Brazil and Indonesia.

Videocon did not immediately reply to calls seeking comment.
 Videocon did not immediately reply to calls seeking comment.

Mumbai: The State Bank of India has invited bids for overseas oil and gas assets of Videocon Industries Ltd, a newspaper advertisement showed on Monday, as India seeks to recover billions of dollars in loans from the beleaguered private firm.

Consumer electronics firm Videocon Industries is one of the most indebted companies in India, with outstanding loans worth around 600 billion rupees (USD 8.53 billion) from its financial and operational creditors.

 

In October, SBI Caps, the investment banking arm of State Bank of India, was appointed to start the process of valuation and monetisation of the firm’s oil and gas assets overseas.

SBI said it had appointed consultant Deloitte to find buyers for Videocon’s exploration assets in Brazil and Indonesia.

“It is a process where qualified parties from India and overseas will be invited to bid for the assets,” said a banker involved in the process, adding that expressions of interest would be received until Aug. 22.

Videocon did not immediately reply to calls seeking comment.

Videocon Industries has oil and gas assets in India, Brazil and Indonesia, in addition to its now-defunct consumer electronics business in India.

 

The company ventured into Brazil and Mozambique oil and gas assets over a decade ago, buoyed by its experience in oil production in India’s east coast.

However, burgeoning debt forced the company to sell its coveted asset in Mozambique to a consortium of Indian state-owned companies led by Oil and Natural Gas Corp Ltd in 2014 for USD 2.4 billion.

Separately, Deloitte has also invited bids for selling drilling assets of Aban Offshore Ltd, an oil and gas service provider, another newspaper advertisement showed.

Tags: state bank of india, videocon, oil and gas assets, debts
Location: India, Maharashtra, Mumbai (Bombay)