Consumer durables giant Videocon Industries is in advanced stages of negotiations to buy the plasma display panel production facilities of Chunghwa Picture Tubes, a Taiwan-based picture-tube major, for $30 million (Rs 137 crore).
While the company refused to comment on the issue, sources close to the development said the acquisition would be a major shot in the arm for the TV manufacturer, which has been finding it difficult to fight off competition from South Korean companies in the high-end flat-panel television market.
Chunghwa has been suffering losses in its plasma panel manufacturing unit for the last three years and had stopped production of plasma-panels at the beginning of this year. The company also manufactures normal picture tubes and LCD panels in addition to the plasma panels.
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