Videocon Hydrocarbon Holdings, the Cayman Islands firm that owns the stakes in the Brazil oil blocks, has received interests from some parties, said Videocon Industries chairman Venugopal Dhoot, without naming the companies. Photo: Ashesh Shah/MintMumbai: Videocon Industries Ltd plans to raise as much as Rs30,000 crore by selling its stakes in oil blocks in Brazil, as part of the debt-laden company’s plan to repay bank loans. Through its subsidiaries and affiliates, Videocon Industries holds economic interests in oil and gas concessions in Brazil, Indonesia and East Timor. Last month, the country’s largest lender State Bank of India (SBI) had filed separate insolvency proceedings against Videocon Industries and Videocon Telecommunications Ltd. On Thursday, shares of Videocon Industries fell 3.33% to Rs12.76 on the BSE, while the benchmark Sensex rose 0.96% to 33,351.57 points.

Source: Mint March 09, 2018 02:10 UTC