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Why Videocon giving up Philips and Electrolux may be too little, too late

The ship may have sailed for the beleaguered consumer-durables maker.
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soumyagupta
18 Mar 2018 2 Mins Read 0 comment
Sean Gallup/ Getty Images
Sean Gallup/ Getty Images
What happened? Last week, the Economic Times reported that beleaguered consumer-durables firm Videocon is mulling giving up its licence to make and sell televisions under Dutch brand Philips and appliances under Swedish brand Electrolux in India. An e-mail questionnaire and text messages sent to Videocon managing director and CEO Venugopal Dhoot did not get a response. We will
banks,” he adds. Bottomline? Videocon is trying, as banks drag their longstanding NPAs to court under the Insolvency and Bankruptcy Code. In January, the promoter group sold some shares of Videocon Industries, held by associate companies, in the open market. But just like the return of these licences, that too barely made a dent in the company’s troubles.
What happened? Last week, the Economic Times reported that beleaguered consumer-durables firm Videocon is mulling giving up its licence to make and sell televisions under Dutch brand Philips and appliances under Swedish brand Electrolux in India. An e-mail questionnaire and text messages sent to Videocon managing director and CEO Venugopal Dhoot did not get a response. We will banks,” he adds. Bottomline? Videocon is trying, as banks drag their longstanding NPAs to court under the Insolvency and Bankruptcy Code. In January, the promoter group sold some shares of Videocon Industries, held by associate companies, in the open market. But just like the return of these licences, that too barely made a dent in the company’s troubles.

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